10:25 AM EDT, 04/02/2024 (MT Newswires) -- AllianceBernstein ( AB ) and French bank Societe Generale on Tuesday announced the launch of their joint venture, Bernstein, a global cash equities and investment research business.

The venture will have more than 750 employees globally, and be organized as two separate legal vehicles with a head office in New York covering North America and a head office in London covering Europe and Asia.

The objective is for Societe Generale to eventually own 100% of both entities after five years, the companies said.

AllianceBernstein ( AB ) shares were marginally higher in recent US trading.

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