INTERNATIONAL NEWS: Shandwick loses VC biz to Burson

LONDON: Venture capitalist group 3i has appointed Burson-Marsteller as its global agency of record, an account worth a reported dollars 725,000 annually.

LONDON: Venture capitalist group 3i has appointed Burson-Marsteller as its global agency of record, an account worth a reported dollars 725,000 annually.

LONDON: Venture capitalist group 3i has appointed Burson-Marsteller as its global agency of record, an account worth a reported dollars 725,000 annually.

The appointment ends 3i's 26-year relationship with Shandwick International.

PRWeek UK first reported in May that 3i was accepting new pitches.

Burson won the account following a six-way shoot-out that included a repitch from Shandwick. The account covers work with 3i in Europe, Asia and North America. 3i has US offices in Waltham, MA, outside Boston and in Palo Alto, CA.

Burson will run the business from its European headquarters in London.

'3i has the potential to develop as one of the world's most powerful investment businesses,' said Burson's European CEO, Dermot McNulty. 'We have brought together a strong international team to help it achieve its ambitions.'

When 3i announced it was seeking new proposals for the account, some in the industry speculated that the company was unhappy that its PR advisors were failing to convey its evolution from an old economy investor to one investing in global growth companies.

'B-M convinced us that it was better placed to take 3i to the next level,' said Adam Quarry, 3i marketing director.





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