The World: Tokyo - TBWA and Hakuhodo launch agency joint venture

TBWA\Worldwide and Hakuhodo have agreed to form a joint-venture company in Japan.

Opening in July, the agency, which will be called TBWA\Hakuhodo, will be 40 per cent owned by TBWA, with Hakuhodo owning the rest.

The business will be a separate entity from G1 Worldwide, the company set up by both agencies in 2000 to run the global Nissan business.

Hiroshi Ochiai, the president and chief executive of Hakuhodo in Japan, will be the chief executive of the new agency, while TBWA\Tokyo's president, Gary Wenzel, will take the role of chief operating officer.

The agency will handle duties on TBWA clients such as Adidas, Masterfoods and Haagen-Dazs.