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SG-Bernstein JV Launched: Shouldn't Help Spreads Tighten

FINANCIALS

SocGen is formally launching the Bernstein JV for cash equities and research today. Shouldn’t affect spreads.


  • SocGen (GLE FP) announced the JV initially in Nov-22 with AllianceBernstein effectively folding its research and trading business into SG’s equities business.
  • Bernstein is seen as a premier research platform and SG a world leader in equity derivatives, so bringing the two together has some value-chain logic to it. It could also be viewed as AB waving the white flag on the cash equities business to focus on its (much larger) asset management activities.
  • SG ultimately wants to own the JV. The bank’s continued ambitions in a business it has struggled to ever make a return from is one of the reasons for the lowly equity-rating and, in common with Barclays, continuing to chase investment banking will not help spreads tighten, we feel.
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