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.
Martin has been on an impressive winning streak of late, adding Pizza Hut (worth $275 million) and, just last week, the $145 million Tylenol business.
Publicis Groupe's Spark Communications, part of Starcom, handles media chores for Morgan Stanley. That work was not part of the review.