Security Capital Begins Search For Its First Agency

Security Capital Group has hired consulting firm Pile and Co. to direct the search for its first advertising agency.
Security Capital is a global real estate research, investment and operating management company that has a controlling interest in $10 billion worth of commercial real estate in the U.S. The search was initiated because the client is looking for an agency to help it launch a family of mutual funds, said Skip Pile, president of Boston-based Pile and Co.
The initial advertising budget is in the $3-5 million range and is earmarked for branding, creative development and media work, Pile said. The first ads will seek to establish a brand identity for Security Capital’s mutual funds, a new business venture for the publicly traded firm, which claimed net income of $106 million on sales of $368 million last year.
At present, Security Capital is offering a single fund, but plans are under way for more 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 consulting firm is in the process of assembling a list of contenders, mainly midsized agencies in the Midwest and New England. Expertise in the financial services arena, particularly with mutual fund clients, is highly desirable, Pile said.
The search is being directed out of the client’s Chicago headquarters, and is expected to be completed sometime in May.
Although the media mix has not been finalized, the first campaign will likely be print-based and not include any initial broadcast forays, Pile said.
In addition to Chicago, Security Capital and its affiliates have offices in Atlanta, Denver, Houston, New York, El Paso, Texas, and Santa Fe, N.M., as well as several overseas outposts.