There is finally a merger between Finsbury and Hering Schuppener. These two financial public relations consultancies are looking at forming a closer relationship that might make them the largest PR companies servicing the world’s major financial markets.
Finsbury is fully owned by WPP [WPP:LN] while Hering is partly owned by the WPP, the largest marketing consultancy group in the world.
Finsbury and Hering have already started filing regulatory papers before the Deutsche Börse, (German Stock Exchange) and the London Stock Exchange, LSE to perfect their plans sooner or later. Coincidentally, Finbury advises LSE while Hering is consulting for the LSE, how the process will be handled without any reservations of conflict of interest is yet to be seen.
To confirm the news, Finsbury has released a statement on its website officially notifying the public of the new merger.“Finsbury and Hering Schuppener Consulting are today announcing the formation of a strategic partnership. This partnership will be one of the very few global platforms for integrated strategic communications advice, providing clients with sophisticated counsel and seamless execution.”
“With immediate effect, the strategic partnership offers a global platform across 14 offices, employing more than 350 professionals. Both firms will join forces and bring together their expertise by building four global practice groups covering Capital Markets, Crisis, Corporate Reputation and Corporate & Public Affairs. These global practice groups will give clients greater cross-market access and the best and most relevant strategic counsel, regardless of geography. An integrated digital offering underpins all of these practice areas, helping clients reach audiences by the most effective means available.
Finsbury and Hering Schuppener have adopted a common brand identity while retaining their names and existing ownership and leadership structures. They will work together to give clients the most effective team on international mandates and continue to cultivate their own business opportunities in their domestic markets.
Roland Rudd, Chairman of Finsbury, said: “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.”
Ralf Hering, Principal Partner & 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.”
A Global Marketing Force
WPP is the largest marketing consulting group with over 171 companies under its holding company. The group has a strong foothold in East, West (except Nigeria) and Southern Africa with Scan Group [KN: SCAN], a company chaired by Bharat Thakrar, a Kenyan born-Indian, owning close to 40% of WPP’s shareholding.
The company had since the shareholding readjustment renamed itself to WPP Scan Group.