Prosek Partners: Agency Business Report 2014

Prosek Partners followed up a strong 2012 with another solid year.

Principal: Jen Prosek, managing partner
Ownership: Independent
Offices: New York; London; and Fairfield, CT
Revenue: Global: $17,398,092; US: $16,424,945
Headcount: Global: 72; US: 67

Prosek Partners followed up a strong 2012 with another solid year that saw its US revenue increase more than 9% to $16.4 million in 2013, with profit margins of 25%.

The firm’s creative services group doubled its revenue in the past year, while units such as asset management and alternatives – which caters to hedge funds and private equity firms – particularly saw growth, says managing partner Jen Prosek.

Major milestone
The firm also offers clients assistance with corporate and M&A communications.

"A big milestone for the agency is we crossed the $3 trillion mark for client assets under advisement," Prosek adds. "We picked up four asset-management clients in the fourth quarter alone."

Previously, hedge funds were able to stay under the radar, but suddenly people are more aware of them, she explains. Financial companies recognizing the importance of reputation management has led to increased competition in the corporate and financial communications industry – a trend that could potentially pose a challenge to the firm in the future.

"Firms such as Brunswick have expanded into corporate communications – and that is our world," she explains. "Peppercomm is also trying to get into the financial space after acquiring Walek & Associates. This is something we have to watch."

One "funny twist" Prosek notes was that last year the London office did work for more non-US clients looking for support in North America.

"Everyone is talking about the US recovery picking up steam," she says, "and non-American companies may be increasing their investments in marketing and PR for their US subsidiaries."

Meanwhile, 40% of the firm’s clients use its services outside the US, according to Prosek. She highlights AllianceBernstein and Janus as clients that expanded to include European PR services.

Account wins for the year included Bessemer Trust, Hartford Funds, and Munich Re. Earlier this year, Imagine Software retained Prosek as its PR AOR. The firm lost business from Analytic Partners and Thayer Street Partners.

Key staff changes included the appointment of Hal Bienstock to SVP and VP Suzanne Hallberg left the firm.

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