Blamer, the former chief executive of FCB Worldwide, was hired last April as part of Creston's ambition to set up an operation in the US through acquisitions.
Blamer left Interpublic-owned FCB in June 2006 after it was announced it would merge with Interpublic's below-the-line network Draft to form DraftFCB. He was formerly the US CEO of ad agency network Grey, for which he worked for 17years.
Don Elgie, Creston chief executive, charged Blamer with finding high-growth businesses with established top-tier client lists. Creston was planning to mirror its UK offering in the US, covering advertising, PR, digital marketing, market research and direct marketing.
However, the deterioration in the US economy led Creston to call a temporary halt to acquisitions there at the end of last year.
The company said today that because global economic uncertainty has only increased since then, it has decided to close its New York Office and absorb the duties of building the Creston offering to American clients from within its London head office.
The costs incurred to date and of closing the office are approximately £600,000.
Creston also reported, in its interim statement for the period October 1 to December 31 2007, growing evidence of clients delaying spend in the market research sector.
The group's major acquisitions include ad agency DLKW in 2005, and market research group ICM and direct marketing agency Tullo Marshall Warren in 2006.
Creston said that trading during the first three quarters of financial year 2008 is ahead of the previous year, with revenue growth across the group of 20% and on a like-for-like basis 8%.
The board said that it remains confident of delivering absolute and like-for-like growth in operating profit compared with the previous year.