Review at Reuters Unit




Brokerage Servicer Seeks Higher Profile
NEW YORK–Instinet, a wholly owned Reuters Group subsidiary providing brokerage services to investment professionals, is evaluating agencies for a $20-30 million ad account, sources said.
“We routinely review our communications programs to meet our needs,” said Terry Mulry, vice president of corporate communications at the company. Mulry declined further comment and would not confirm if a review is under way.
Thirty-year-old Instinet, based in New York, bills itself as “The world’s largest agent broker.” Its electronic communications network is well known among institutional investors and mutual and pension fund managers.
The outfit has a low overall profile, however, and is looking for an agency to build some brand equity.
Instinet is considering whether to allow consumers to use its services, so a consumer component is also possible, sources said.
Questionnaires, sent out through consultancy Optima Group here, were due back last Friday and a list of contenders is imminent, sources said.
DDB Needham in New York works for Instinet parent Reuters. Executives at the agency declined comment.
With sales up 6.2 percent to $630 million in its last fiscal year, Instinet is considered second in the market to leader Datek, with its Island ECN (electronic communications network) service. Datek is also holding a review [Adweek, Apr. 5].
Instinet had no measurable ad spending last year, according to Competitive Media Reporting.