Security Capital Group has retained consulting firm Pile and Co. to help conduct a search for its first advertising agency of record.
The client, which has a controlling interest in $10 billion worth of commercial real estate across the country, is looking for a shop to launch a group of mutual funds, according to Pile and Co. president Skip Pile.
The estimated $3-5 million account includes branding, creative development and media duties, Pile said. The media mix has not been firmed up, but the winning agency will likely be asked to fashion print-based campaigns in favor of broadcast ads, he said.
Initial advertising efforts will seek to establish a brand identity for Security Capital's mutual funds, a new business venture for the publicly traded firm that last year claimed net income of $106 million on sales of $368 million.
Security Capital presently offers a single fund, but plans are under way for numerous fund offerings to be introduced in the not-too-distant future, Pile said.
The advertising budget is likely to rise substantially as new offerings become available, Pile said.
The Boston-based consulting firm is in the process of assembling a list of possible contenders, primarily midsize agencies in New England and the Midwest. Expertise in the financial services category, particularly with mutual funds clients, is highly desirable, according to Pile.
The search is being overseen out of Security Capital's Chicago office and is expected to conclude sometime next month.