9 December, 2010
Global Counsel to offer advice to business leaders looking to expand in new markets
WPP announced that it has invested in Global Counsel LLP, a new London-based advisory firm. Global Counsel will provide corporate leaders with support to grow their businesses beyond their home markets.
The company will focus on establishing a client base among companies with global ambitions in the new emerging markets, as well as forming partnerships in the developed world with businesses who want to move into the new high-growth economies.
Global Counsel has been founded by Lord Mandelson and he will take up the position of Chairman. Benjamin Wegg-Prosser will become its Managing Partner. The business is Lord Mandelson’s first commercial position since leaving the British government in May. The position has been approved by Whitehall’s Business Appointments Committee and will be registered in the Register of Lords Interests. Lord Mandelson will draw principally on his experience as a former European Trade Commissioner to support the growth of Global Counsel.
WPP will take a minority equity stake in Global Counsel and has provided seed capital along with additional benefits in kind including office accommodation. A WPP representative will sit on Global Counsel’s board alongside Lord Mandelson and Mr Wegg-Prosser.
Sir Martin Sorrell, CEO, WPP, said, “Peter’s experience, skills and know-how made this an opportunity that was too good to miss. We are looking forward to supporting him grow Global Counsel into a world-class advisory business.”
Lord Mandelson said: “This is an exciting project and I am thrilled that Sir Martin has backed our new venture. I’m looking forward to getting behind my desk and working alongside businesses whose values I share to help them develop in an ever-changing world.”