NEW YORK--Two more financial services companies, one on either coast, are shopping their ad accounts, the latest in a flurry of activity within the category.
Capital One Financial Corp. has hired Morgan Anderson to help the company select a corporate branding agency, a client representative said. Shops have been told the account is worth $25 million. There is no incumbent, and past Capital One advertising has been parceled out to agencies on a project basis, the rep said.
The credit-card giant, based in Falls Church, Va., spent about $6 million on ads through September, per Competitive Media Reporting.
Separately, SunAmerica has tapped consultancy Los Angeles-based Select Resources International to conduct a search for a new shop to handle its $10-12 million account. Incumbent agency Asher & Partners in Los Angeles will defend the business, an agency executive said. SunAmerica is being acquired by American International Group, an international underwriter of commercial and industrial insurance.
SunAmerica and Capital One join a growing list of industry players jockeying for new ideas amid rocky times in financial markets. Discover Card, the Riverwoods, Ill.-based division of Morgan Stanley, Dean Witter & Co., launched a review for its $70 million ad account earlier this month. DMB&B in New York has joined a list of contenders which also includes Leo Burnett in Chicago, TBWA/Chiat/Day in Playa del Rey, Calif., and Bates USA in New York, sources said. Incumbent DDB Needham, Chicago, is defending.
Separately, Aetna, which has been evaluating its agency roster, is also considering shifting corporate and retirement services duties from Ammirati Puris Lintas to Waylon Ad, St. Louis, which handles project work, sources said. McKinney & Silver, Raleigh, N.C., which handles Aetna's US HealthCare unit, could also win new work [Adweek, Dec. 14]. Media chores, now at APL, are not yet included, said sources.