It looks like State Street Global Advisors
wants in on more of the market's ETF spoils: the firm has awarded a multimillion dollar advertising contract to a New York advertising company in hopes of linking its name more closely to signature products. If successful, the campaign may boost SSgA's visibility in the ETF sphere towards the level of high-profile players like Vanguard
and Barclays Global Investors
The account is worth about $30 million, confirmed Beau Fraser
, managing director of The Gate Worldwide
ad agency in New York. Advertising will incorporate TV, newspaper and magazine components.
Fraser said SSgA has been advertising its services for years. Now, "They're looking for ways to do it different and better," he said.
In particular, State Street wanted to change its approach to take advantage of advisors' crescendoing interest in ETF offerings. A decade ago, ETFs were "an esoteric product," Fraser explained. Today, they have become widely valued as investment tools, and State Street wants to alert advisors to its offerings.
As originator of the Spyder, a classic ETF that follows the S&P 500, SSgA has ETF credentials as strong as any; how best to highlight them is the challenge for Fraser and his colleagues.
According to Adweek
, the SSgA account was previously handled by the Omnicom Group
, also based in New York. State Street representatives declined to comment for this story.
The Gate Worldwide was known until last year as Citigate Albert Frank, and is owned by holding company Media Square, based in London. Fraser said his firm's other clients include TD Ameritrade
's institutional services division and Credit Suisse First Boston
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