Financial service firm Morgan Stanley has selected IPG’s The Martin Agency in Richmond, Va., to succeed WPP Group’s Ogilvy & Mather in New York following a review.
Independent Wieden + Kennedy and Omnicom’s Merkley + Partners were involved at various stages of the process. Wieden said it withdrew well before the final round.
Morgan Stanley spent roughly $20 million in measured media in each of the past two years, down from more than $60 million in ’07, per Nielsen. Those figures don’t include online outlays.
“We selected The Martin Agency based on three factors: first, their experience and track record in financial services; second, their understanding of our strategy; and third, their ability to execute highly creative advertising that will help define and differentiate our brand,” said Ramona Boston, Morgan Stanley’s managing director and chief marketing officer, in a statement.