CHICAGO: Nuveen Investments has hired Weber Shandwick Worldwide as its agency of record, the first time in several years it's had a PR agency.
Nuveen, once known as a fixed-income municipal-bond house, has in recent years diversified into equity investing.
"We now have all the core building blocks of a diversified portfolio.
That's our main message," said Alan Brown, Nuveen's chief marketing officer.
Brown, who joined Nuveen a year ago after serving as chief marketing officer at Amazon. com, selected WSW over Golin/Harris International because "they came up with the most creative of plans." Burson-Marsteller and Hill & Knowlton also competed for the business.
While Brown wouldn't discuss spending, others estimated Nuveen will spend $400,000 a year with WSW.
Daniel Reid, EVP and GM of financial services marketing at WSW, will oversee the account. Bill Schilling, a VP, will manage day-to-day activities, and two other staffers will also work on the account.
"We'll focus on raising their profile and helping market through their financial-advisor network," Reid said.
Brown said that in addition to financial advisors, other key target audiences are high net-worth investors and the institutional market. Nuveen already manages investments for such institutions as Stanford and Princeton.
The John Nuveen Company, parent of Nuveen Investments, reported a record net income of $32 million in the quarter that ended September 30. Its net income for the first nine months of the year was $92.4 million, compared to $84.7 million in the same period last year.
"Our core brand position of conservatism plays very well in this market," Brown said.
Nuveen has been working with Fallon for advertising during the past six months. Brown sees PR building on ads and reaching into various investor subsets with more detailed messaging about Nuveen.