Nuveen Narrowing The Field

More Than 2 Dozen Shops Survive First Cut
CHICAGO–The John Nuveen Co. is in the process of whittling down a lengthy list of possible agencies for its $5 million account, but selection of finalists may be more than a month away.
After receiving 50 solicitations following an announcement of a review earlier this year [Adweek, June 1], the Chicago-based investment company is now calling as many as 30 agencies that made the first cut, sources said.
A company representative declined to provide a list of contenders, but said shops in Boston, Chicago, Minneapolis, New York and St. Louis are among those being contacted. A short list is expected by Labor Day, she said.
Nuveen last month split with longtime agency Publicis & Hal Riney in Chicago. Sources said Nuveen officials were unhappy with a perceived lack of understanding by the agency of the company’s business, which is primarily in municipal bonds and bond funds. Nuveen wants to shift the focus of future advertising away from consumers and toward building awareness among brokers and financial advisers, these sources said.
The review is being run by marketing consultant Lisa Fortini-Campbell, who had headed the Riney office when it won the Nuveen account in 1990.
After the initial phone calls are complete, the company plans to draw up a list of four or five finalists. Company officials will then visit the agencies and hear presentations, sources said.
Those presentations are not expected to involve a creative assignment. –with Trevor Jensen