Online broker TD Waterhouse Group Inc. awarded its $40 million media buying and planning account to The Media Edge, sources said. Sources said the final round included The Media Edge, Horizon Media, SFM/Media Planning and Carat, all New York.
The New York-based client's media buying had been handled in-house. Creative shop Post & Partners, New York, had handled media planning and retains creative duties on the business.
The review was conducted by consulting firm McKinsey & Co., which sent out requests for proposals to media agencies on behalf of an unnamed client in the financial services category in November of 1999. Contenders only learned of Waterhouse's identity in later rounds.
"McKinsey looks for two or three things to change that will really impact their clients' business," said a source, adding that the review was sparked, at least in part, by identifying media as one of those "impact actions" for Waterhouse.
Neither the client nor The Media Edge was available for comment. McKinsey declined to comment on the review.