Multiple source codes when working with a digital agency

We work with a digital agency (Conversant) to traffic our online advertising for bundle of banner placements (New York Times, Huffington Post, etc.).  We normally track these with one source code, so we can see how Conversant's efforts as a whole have done.  However, we want to move to tracking the different placements with a unique source code per site, as it's more important to us to understand conversion via each placement.  And although our agency can provide their own metrics, we want to do a paralell effort via Tess. 

How are other people tracking such efforts? Single code for the agency, or do you treat each placement as its own source?

Or do you do the agency as it's own separate appeal, and then source underneath that?