Investment company OppenheimerFunds is conducting a review for a new creative agency of record, the firm confirmed Monday.
The incumbent is Havas Worldwide, which is not participating in the review, according to a client rep.
Oppenheimer spent $13.5 million on ads in 2013, down about $2 million from the previous year according to Kantar.
The company has enlisted Ark Advisors to manage the review process.
“The asset management business is extremely competitive and is evolving significantly to meet the changing investment needs of clients today and in the future,” said Marty Willis, the investment company’s chief marketing officer. “We have chosen to initiate an agency review at this time to ensure that OppenheimerFunds has the right strategic and creative agency partner to remain competitive and help drive the company’s ambitious growth objectives.”
The company’s media agency, Havas Media, and its public relations agency, Prosek Partners, are not affected by the review.
The company said its search for a new shop is expected to conclude in the fourth quarter of 2014.
OppenheimerFunds, Inc., a subsidiary of majority owner MassMutual, offers a broad array of products and services to individuals, institutional investors and corporations worldwide. The company, including its subsidiaries, managed more than $237.8 billion in assets for over 13 million shareholder accounts as of March 31, 2014.