A number of large fund companies slashed their advertising budgets by as much as 50% in the third quarter, according to data from Nielsen Monitor-Plus and FRC.
T. Rowe Price went from spending $9.12 million on advertising in the second quarter to only $4.58 million, or 50% less, in the third quarter. Other big cuts came at State Street Corp., which spent $2.62 million on advertising in the second quarter, but a mere $359,000, or fully 86% less, in the third quarter. Bank of Americas budget declined 52% from $1.87 million in the second quarter to $891,000 in the third quarter. And, finally, Januss budget declined 53% from $1.12 million to $529,000.