WPP Group today said it has entered the corporate trading sector by way of a new company called the Midas Exchange, a unit of its GroupM operation.
The holding company has hired Kathy Kladopoulos as president of the new shop. Kladopoulos is a veteran in the field who launched a similar offering for Aegis Group’s Carat nine years ago and has run that operation ever since.
In addition to Carat, Midas will also compete against independent Active International, Omnicom’s Icon and Interpublic Group’s Orion Trading.
WPP said it was entering the space at the request of clients, many of which already employ outside corporate trading firms and want the option of using a WPP entity for such tasks.
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