Jennifer Prosek, managing partner of CJP, said, "After we got through a tough year, and determined that we were going to do just fine, we started to look at opportunities in the market." Sherman launched his strategic consulting firm in 2008, after serving as head of corporate PR for Bear Sterns, and was looking to find a bigger platform to grow his business.
"[CJP brings] a real strategic and creative approach to what they do and, in financial services, that can sometimes be rare," Sherman said. "They get into the strategy, positioning, branding, marketing, and social media."
CJP had revenues of about $9 million in 2009; Sherman declined to provide financial details for Sherman Strategic Communications.
"He will add depth and breadth to our crisis management and financial media relations and financial communications practice," Prosek said of Sherman. "His clients are extremely synergistic to ours."
CJP clients include GE Capital, Aflac, and Nasdaq, while Sherman's clients include hedge funds and trading companies, including First New York Securities and Braver Stern Securities. All of Sherman's dozen clients will come to CJP, and there are no client conflicts, Prosek said.
Sherman worked with a network of consultants at his firm and he and Prosek are deciding which consultants, if any, will also come to CJP.
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