Fidelity is searching for an agency to reinvigorate its brand in light of its muted performance in recent months.
In October, it lost its position as the top fund manager to its rival Invesco Perpetual, after it saw £9.7 million withdrawn from its UK fund range in the final quarter.
The ad brief is thought to be heavily strategic, involving a branding task as well as print and digital advertising that will run in UK markets.
The financial company's global account is consolidated into Publicis, which creates campaigns to run internationally, including the UK.
Publicis has held the business since 2001, when Publicis FCA! was folded into the London agency.
In 2005, Publicis retained the business following a pitch against Saatchi & Saatchi, TBWA\London and HHCL/Red Cell.
Media, which is handled by ZenithOptimedia, is unaffected by the review.
Fidelity did not return calls.