Paul Holmes 19 Oct 2002 // 11:00PM GMT
LONDON—Huntsworth announced this week that it has entered into an agreement with Thomson Financial, to purchase Thomson’s investor relations consulting business.
Thomson’s global consulting group will continue to focus on providing financial and investor relations consulting with a presence in key markets around the world: New York, London, San Francisco, Tokyo, and Hong Kong. And Huntsworth, led by former Shandwick chief executive Lord Chadlington, says the agreement includes several provisions intended to effect a smooth transition to avoid disruption in client service as a result of the transaction.
Huntsworth also announced that, upon closing of the purchase, former Golin/Harris New York managing director Richard Wolff will be appointed to take responsibility for managing and expanding investor and financial consulting activities and the global consulting group. Larry Bridge, executive vice president of the Thomson consulting business, will become senior managing director, global operations and report to Wolff.
Bridge will retain his overall responsibility for the worldwide consulting business.
Said Chadlington, “I am very pleased that Rich Wolff, who was most recently worldwide managing director of financial communications at Golin/Harris, will join Huntsworth. This transaction is an important first step in developing a financial communications consultancy within the Huntsworth group. GCG provides Huntsworth with an established client base and enables us to get a foothold in the investor relations and financial communications business in the U.S. and U.K.”
The global consulting group’s capabilities include: financial community research (security analysts surveys, institutional target marketing, and corporate governance audits); special situations (IPOs and corporate crises); investor relations (assistance with earnings announcements, investor presentations, domestic and international roadshows); and financial public relations (trade and business media relations).
Thomson, meanwhile, positioned the sale as an opportunity to focus on its core investor relations business, which provides customers with financial information services including capital markets intelligence, analytical services web hosting and webcasting, Thomson First Call, IRChannel and European road show planning.
“Although this is an outstanding business with strong management and a well-established customer base, it simply falls outside of our strategic core focus,” said Kevin Marcus, president, Thomson Financial corporate group. “Together with Huntsworth, we will work to ensure that this is a seamless transition for customers and that Thomson Financial will continue to provide the highest level of service and commitment to meeting customer needs.”