OppenheimerFunds is looking for a new lead creative agency.
The company has hired Ark Advisors in New York to manage the search, which is expected to conclude in the fall. Past media spending has ranged between $15 million and 20 million a year.
The incumbent, Havas Worldwide in New York, is not participating in the review, according to an OppenheimerFunds representative. Havas has worked on the business for 18 years.
In a statement explaining the rationale for the search, Marty Willis, OppenheimerFunds' chief marketing officer, cited the competitiveness of the asset management business and how significantly the category is evolving to "meet the changing investment needs of clients today and in the future.”
Willis, one of the key decision-makers in the review, has worked at OppenheimerFunds since 2009. Before then, she was evp of marketing and investment products at Fidelity Investments.
The review does not include media and public relations responsibilities, which remain at Havas Media and Prosek Partners.