Societe Generale has announced the official launch of new cash equities and equity research business in partnership with asset management firm AllianceBernstein.

The bank said that through the new business, called Bernstein, its clients will have access to global services including “world-class” equity and macro research, agency execution, equity derivatives, prime brokerage, and equity capital markets offerings.

The launch comes nearly 18 months after the joint venture was first announced in November 2022.

The business, which will have over 750 employees globally, will be organised under two separate legal vehicles with a head office in New York covering North America and a head office in London covering Europe and Asia.

Societe Generale said that its ultimate aim is to eventually own 100 per cent of both of these entities after five years.

There will also be by "major hubs" for Bernstein in Paris and Hong Kong, as well as multiple regional offices.

Co-head of global banking and investor solutions at Societe Generale Alexandre Fleury said that the move would give investors and issuers "unparalleled access to liquidity and leading global trading technology".

Robert van Brugge has been appointed chief executive of Bernstein. He has served as the chief executive of AB Bernstein Research Services since 2011.

In February, Societe Generale (SocGen) revealed would axe around 900 roles across its head office in France as part of cost-saving measures.

At the time, it said that the move represented a "major step" in achieving its goal of improving its cost-income ratio through €1.7 billion in gross savings for 2026.

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