- A FUSE survey of 31 asset managers found that Tier 1 firms take the longest to complete RFPs, spending 34% more time than Tier 2 firms and 42% more time than Tier 3 firms.
- This increased time may be partly attributed to Tier 1 firms involving six departments in the process compared to five for Tier 2 firms and four for Tier 3 firms.
- Since 2019, the industry has seen a substantial downward shift in the average time spent on RFPs. Our 2019 RFP survey showed that firms spent an average of 32.5 hours completing RFPs, whereas now they complete them in 26 hours.
