MONEY MANAGER STATE ST. STARTS GLOBAL IMAGE DRIVE: NAME CHANGE, FIRST TV ADS ARE ELEMENTS OF BRANDING EFFORT

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State Street Boston Corp. has launched its first global branding campaign, which introduces a name change for the 205-year-old money management company.

The $5 million campaign includes the company's first TV advertising-30- and 60-second spots created by Allen & Gerristen, Boston.

TV spots broke last week on CNN International and CNBC in Europe, Asia and the U.S., with about 65% of the spending slated for outside the U.S.

Print ads are running in The Wall Street Journal, Financial Times, Forbes and several financial trade publications.

USE OF BRAND IS 'CRITICAL'

"The use of the brand is very critical in the service business, but it has not been as pronounced for financial services," said F. Gregory Ahern, senior VP-marketing at what is now branded as State Street. "As consolidation occurs in the financial service business, we want to broaden our perception and image."

In addition to dropping Boston from its brand, the repositioning of State Street also includes a redesign of the company's clipper ship corporate logo and a new corporate slogan, "Serving institutional investors worldwide."

A two-year research effort showed that State Street had a good reputation in its traditional business of asset custody services. But it needed more recognition as a large money manager and provider of capital market services.

"State Street's new brand will help take the company beyond its traditional reputation as the leading custody bank," said John Elkins, president of branding

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