Finsbury and Hering Schuppener today revealed a strategic alliance that sees the two sharing a new corporate identity and working more closely on shared clients.
Insiders say it could be the first step in an eventual merger of the two financial PR giants.
Finsbury is wholly owned by WPP, while Hering Schuppener is 50 per cent owned by the same holding group, but both have operated relatively independently under their respective principals, Roland Rudd and Ralph Hering.
Rudd, who chairs Finsbury and is leading the PR charge to keep the UK in the European Union, said: "This partnership will be one of the very few global platforms for integrated strategic communications advice, providing clients with sophisticated counsel and seamless execution."
The two operations will attempt to bring together their expertise by creating four joint global practice groups covering capital markets, crisis management, corporate reputation and corporate & public affairs.
Combined, the two firms can claim to be significant players across the key financial and business centres of New York, Frankfurt, London, Hong Kong, Berlin and Brussels.
They have advised on nearly 1,500 transactions with a total value of more than $2tr (£1.4tr) in the past decade alone.
Both consultancies are involved in the ongoing merger talks between the London Stock Exchange and Germany’s Deutsche Borse; Finsbury is retained as an adviser by LSE, while Hering Schuppener advises DB. They were also taken on to work with crisis-hit car maker VW last year.
Rudd added: "We have worked side by side over many years with Hering Schuppener and I have always admired the depth of expertise, professionalism and tenacity of their team in pursuing the best outcomes for their clients. Our philosophy as advisers is remarkably similar, and together we will aim to set the standard for our industry."
Hering, principal partner and CEO of Hering Schuppener Group, said: "Finsbury is an icon in our industry. We share the same values, entrepreneurial spirit and passion for quality and success. With this partnership we are creating a unique platform, able to offer clients superior expertise and resources, and are committed to shaping the future of our industry."