INTERNATIONAL: Ogilvy PR to expand Nasdaq comms effort

NEW YORK: Ogilvy PR has won a three-way pitch to become Nasdaq's US agency of record.

The two other finalists for the RFP were Fleishman-Hillard and Ruder Finn offshoot RF Binder Partners.

Nasdaq's previous agency of record had been the Torrenzano Group, a New York-based boutique headed by former New York Stock Exchange comms executive Richard Torrenzano.

Torrenzano and Nasdaq parted ways at the end of July, when the agency's contract with the stock exchange expired.

Torrenzano had held the account for four years.

The new task handed to Ogilvy signals an expansion of PR efforts.

'We were looking for an agency that could offer us a breadth and depth of services,' said SV-P of Nasdaq corporate communications Bethany Sherman.

According to Sherman, the PR spend has been capped at £620,000.

Most of the work entails media relations and includes work within the US.

Nasdaq continues to work with Incepta's Citigate Dewe Rogerson in the UK and Omnicom's Gavin Anderson in Germany.

Ogilvy said it plans to place a core team of up to seven account executives on the Nasdaq job.

Ogilvy is taking on the business at a sensitive time for Nasdaq.

During the tech bubble, the Nasdaq experienced rapid growth as it largely married its fortunes to what eventually proved to be the tech-stock bubble.

Throughout that time, a delugeof high-flying tech and internet companies listed on the exchange via headline-grabbing IPOs.

Since the tech-stock bubble burst, the Nasdaq has fallen on harder times as the IPO pipeline has dried up.

The Nasdaq has also been forced to indefinitely delay its own IPO.

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