The Gate Adds State Street Assignment

CHICAGO State Street Global Advisers has awarded advertising duties on its account to The Gate Worldwide after a review, executives at the agency confirmed.

Billings could reach $30 million, per sources. (The client spent $3 million last year in measured media, per Nielsen Monitor-Plus.)

The Gate will handle the account from its New York office, according to Beau Fraser, global managing partner of the agency. The Boston-based client, a unit of State Street Corp., was one of the pioneers in creating exchange-traded funds, a mutual-fund-type product based on market indices.

SSGA’s best-known product is the Spyder, which is based on the Standard & Poor’s 500 index. Fraser said that while the product is well known in the investment community, SSGA is not. The agency will look to more closely tie-in the SSGA name to its products, he said.

Company officials did not return calls for comment. Sources said contenders for the business included Publicis Groupe-backed Bartle Bogle Hegarty, Interpublic Group’s Deutsch and Foote Cone & Belding, and independent agencies Gotham and Gardner Nelson, all in New York. The business was previously handled by Omnicom’s DDB in New York.

Last year, Citigate Albert Frank changed its name to The Gate Worldwide, Fraser said. The network, which has offices in New York, London, South Africa, South Korea and China, is owned by London-based holding company Media Square.