Principal: Jen Prosek, managing partner
Offices: New York; London; Fairfield, CT
Revenue: Global: $15,820,700; US: $15,019,707
Headcount: Global: 63; US: 58
Eyeing global expansion, Prosek Partners rebranded from CJP Communications last year. The firm, which specializes in financial and b-to-b communications, chose the new moniker because it needed a unique name that could be used around the world, says managing partner Jen Prosek.
The agency posted a 26% revenue increase in 2012 to $15.8 million. About 30% of that gain came from the firm's fledgling London office, Prosek says. While Prosek Partners had long served clients abroad, it took the major step of opening its first wholly owned international office last July. After an extensive search, the firm hired former FTI Consulting MD Andrew Waterworth to lead it. “He was a huge hire,” Prosek says. “Setting up an office in another country is as challenging as it gets.”
On top of gaining clients abroad, Prosek says the London office has won new business from UK- or Europe-based financial firms that need help in the US, such as Aberdeen Asset Management.
Other account wins included insurance broker Guy Carpenter & Company and Royal Bank of Canada's capital markets business. In early 2013, Prosek Partners was named AOR for Genworth Financial.
Prosek expanded its deal work, promoting Brian Schaffer to head of transaction services and IR and promoting SVP Thomas Rozycki to MD to assist with new business development and agency operations.
Financial services challenges
The firm lost business from GE Real Estate, Blue Source, Braver Stern Securities, and Greentech Capital Advisors.
“In the financial services industry, a lot of times we're hired as a company's first agency ever. Some financial services companies just can't get serious about communications,” she says. “Also, 95% of the time we're not reporting to a head of communications and they don't always understand your craft.”
The hedge fund and private equity sector proved to be another area of strong growth for Prosek Partners last year. New accounts from the space included Aberdeen and Stone Harbor Investment Partners.
“Hedge funds and private equity companies had classically hired PR firms during a crisis, not to build brands,” says Prosek. “That's changing, albeit slowly. It will be a big growth area in the financial sector. We are an emerging player in that world and have a chance of really owning it one day.”