UM holds on to Schwab's media business after review

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Credit: Bloomberg

UM's hot streak continues: The IPG Mediabrands-owned media agency has successfully defended its business handling the account of Charles Schwab, the San Francisco-based bank and brokerage firm, following an agency review.

"After recently completing a thorough review to ensure that we are making the most effective use of our marketing resources,Schwab decided to retain Universal McCann (UM) as our media agency of record," Schwab spokesman Peter Greenley said in an email. "We have enjoyed a nine year relationship with UM and are confident they are the right partner to help steward our media investments through the exciting opportunities that lie ahead for our firm.We are sincerely appreciative of the time and energy of all the agencies who participated in this process."

The news comes in the same week that Quicken Loans confirmed it has selected UM for its nearly $330 million media agency business. Earlier this month, Columbia Sportswear announced UM would be handling media for the Columbia brand as part of a global integrated McCann Worldgroup solution.

Last month, UM U.S. CEO Kasha Cacy announced she was departing to take a global CEO role at marketing solutions company Engine. The media agency plans to announce a successor in the coming months.

But advertising holding company IPG has been a force to be reckoned with this year, reporting strong results in the second quarter while its competitors Publicis Groupe and Omnicom Group delivered weaker-than-expected performances. In July, IPG announced a $2.3 billion deal to buy Acxiom's Marketing Solutions business, which it plans to operate as a standalone division aligned with IPG Mediabrands.

Charles Schwab Corp spent an estimated $93.3 million in measured media in the U.S. in 2017, according to Kantar Media.

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