Venture capitalist 3i has appointed Burson-Marsteller as its global PR agency of record on estimated annual fees of pounds 500,000.
The appointment brings to an end 3i's 26-year relationship with Shandwick International. The repitch was announced in May (PR Week, 26 May) at the same time as Lord Chadlington announced his resignation as the head of Interpublic's International PR group.
B-M was appointed following a six-way pitch including the incumbent. The account covers work with 3i in Europe, Asia and North America. It will be run from the European headquarters in London and be managed by global client leader Chris Grayling.
'3i has the potential to develop as one of the world's most powerful investment businesses. We have brought together a strong international team to help it achieve its ambitions,' said Dermot McNulty, B-M European CEO.
When the repitch was announced there was industry speculation that 3i was unhappy that its advisers were failing to convey its evolving business model from an old economy investor into one investing in global growth companies.
'The significant difference between the briefs is that B-M's reflects that 3i is increasingly becoming an international business. B-M convinced that it was better placed to take 3i to the next level,' said Adam Quarry, 3i marketing director.
The agency will report jointly to directors Liz Hewitt for corporate relations and Patrick Dunne for all other PR needs.