Van Kampen Investments has parted with DDB Chicago, citing the need to scale back "dramatically" on spending because of the ongoing recession, a company executive said.
The Oakbrook Terrace, Ill., in-vestment company is "not looking for another agency," said Dave Swanson, chief marketing officer.
Van Kampen spent $15 million on advertising last year but just $5 million through August 2001, according to CMR.
The company has "creative in the can [from DDB] to use if needed in the foreseeable future," Swanson said. Starcom will continue as media buyer, he said.
DDB's most recent work for the client broke in January and continued the "True wealth" tagline, introduced in April 2000.
Swanson said that DDB had done "great work."
"We are al-ready into our fiscal year and found that we needed to make some cuts," he said.
Morgan Stanley Dean Witter, Van Kampen's parent, continues to use Leo Burnett, Chicago.
DDB was informed of the decision before Thanksgiving, Swanson said. The following week the shop lost its $40 million Pep Boys account after a four-year relationship.