Bernstein hired a top equity sales trader in London, and possibly one other
BNP Paribas may be losing people from Exane, but SocGen is hiring people for its joint venture with Alliance Bernstein.
SocGen initiated its "Bernstein" joint venture with Alliance Bernstein two years ago, with the intention of acquiring 100% of the entity by 2029. Encompassing cash equities and equity research, Bernstein began by employing 750 people. Earlier this year, it made some significant job cuts in France. Now it seems to be hiring in London.
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Bernstein didn't respond to a request to comment for this article, but multiple sources tell us it's hired Tristan Hedley, an equities sales trader from Berenberg. Hedley didn't respond either but the FCA Register shows him leaving Berenberg on July 1st. Presumably he's having a little break before joining. Hedley spent 11 years at Berenberg and is understood to have been a popular figure there.
He may not be Bernstein's only hire. The JV is also thought to have recruited Katrina Pattemore, a veteran equities trader from BNP Paribas who quietly quit the French bank in late 2024. Pattemore's arrival hasn't been confirmed but is widely thought to be occurring soon.
SocGen's joint venture with Alliance Bernstein is intended to increase the standing of its equities business. SocGen chief executive Slawomir Krupa is also orchestrating a push into cash prime brokerage, and has hired 20 people. Bloomberg said in June that more equities hires were likely. Risk said the bank is also building its quantitative investment strategies business and has moved into systematic equity dispersion in which the volatility of an index is shorted while long positions are taken into the volatility of individual stocks.
Revenues in SocGen's equities sales and trading business rose by less than 5.5% in the first quarter, versus an increase of 38% at Citi.
Much like Exane and BNP Paribas, Alliance Bernstein and SocGen's joint venture amounts to the fusion of a research-focused business with a historic equity derivatives house. This is not necessarily easy to achieve.
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