Work Valued at $75 Million

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NEW YORK ( -- Investment bank Morgan Stanley has awarded its $75 million advertising account to WPP Group’s Ogilvy & Mather Worldwide, according to the company.

Incumbent Leo Burnett, Chicago, part of Publicis Groupe, declined to participate in the review that began in August.

Starcom media duties
The business will be run out of Ogilvy’s New York office. Media duties remain at Publicis’ Starcom USA.

The review followed the ouster of Morgan Stanley CEO Philip Purcell and the departure earlier this summer of its chief marketing officer, Phil Raskin, a former executive at the Chicago-based agency. In June, John Mack returned to the company to take its helm as the chairman-CEO.

$75 million
Morgan Stanley spent more than $75 million in measured media in 2004, according to figures from TNS Media Intelligence.

Leo Burnett handled the account since 1988, when it picked up Dean Witter. Morgan Stanley acquired Dean Witter in 1997.

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