Société Générale Combines Stock Research and Trading with AllianceBernstein

Société Générale and AllianceBernstein are combining their equities research and trading businesses to according to a story in The Wall Street Journal. The proposed joint venture will operate from London under the Bernstein name. SocGen will own 51% and have the option to take full control after five years. The French bank said the tie-up would help diversify its revenues geographically and by business line. Customers of the new joint venture will have access to other services, such as raising new stock for companies and prime services for hedge funds.