NEW YORK (AdAge.com) -- Financial-services giant Morgan Stanley has named Interpublic Group of Cos.' Martin Agency ad agency of record for its roughly $40 million account, succeeding its last lead agency, WPP's Ogilvy & Mather.
The move comes after a quiet review for the business in which Martin faced off against the likes of independent Wieden & Kennedy and Omnicom Group's Merkley & Partners in a final round, executives familiar with the situation said.*
Representatives for all agencies could not be immediately reached for comment, but industry executives said Morgan hasn't done much in the way of brand campaigns lately. It handed Ogilvy global advertising duties in October 2005, but the shop hasn't done any work for the brand in a couple of years, executives said.
The shift comes as Morgan Stanley, which has about 1,200 offices in 37 countries, celebrates its 75th year in business.
In a statement, Ramona Boston, managing director and chief marketing officer for Morgan Stanley, said the company selected Martin for three reasons: "First, their experience and track record in financial services; second, their understanding of our strategy; and third, their ability to execute highly creative advertising that will help define and differentiate our brand."
Martin is also the agency for another international financial-services firm, Sun Life Financial. Last August, it tapped the shop to launch its first branding and marketing campaign aimed at a national U.S. audience.
According to Kantar Media, Morgan Stanley spent about $35 million in domestic measured media from January 2009 through November 2009, the most recent data available.
Martin will be responsible for strategic planning and brand creative development, and its first work is slated to break later this year.
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UPDATE: A Wieden spokeswoman told Ad Age that the agency "pulled out of the process in early December before there was a final creative brief" and thus didn't technically participate in the final round.