The company is talking directly to DM agencies about its credit cards and loan services. The incumbent, Tullo Marshall Warren, has been invited to repitch.
Morgan Stanley is one of the largest direct marketing advertisers in the UK. The company runs perpetual campaigns throughout the year, rather that earmarking specific periods of activity. It favours direct mailpacks, which account for around £18m of its annual UK direct marketing spend.
A Morgan Stanley spokeswoman explained: "It's normal Morgan Stanley process to review our suppliers every couple of years. We'll be looking around to see what's out there."
The move does not affect Morgan Stanley's corporate direct account, which is currently held by Joshua. Nor will the review affect its remaining roster agencies, Leo Burnett and Starcom UK Group.
Morgan Stanley entered the UK credit card market in 1999 with a £10m launch, with WWAV Rapp Collins handling the direct marketing.