For years, RFP teams in asset management were often viewed as operational support functions sitting behind sales and investment teams.

That perception has changed significantly.

Today, RFP professionals sit much closer to fundraising, investor engagement and commercial growth than many firms perhaps realised even five years ago. In a highly competitive fundraising environment, the quality and speed of responses to consultants, institutional investors and due diligence requests can directly influence outcomes.

As fundraising activity across both public and private markets has increased, demand for experienced RFP talent has risen sharply alongside it.

The problem is that the talent pool has not kept pace.

Teams are scaling faster than the market

Across asset management, firms continue expanding RFP teams to manage growing volumes of DDQs, consultant questionnaires, ESG reporting requests and bespoke investor responses.

The workload itself has also become more sophisticated.

Institutional investors now expect deeper transparency, tailored responses and stronger technical detail across areas such as sustainability, governance and operational due diligence. At the same time, private markets firms continue scaling rapidly, placing further pressure on already stretched teams.

Yet the market for experienced RFP professionals remains relatively small.

The strongest candidates combine several highly valuable skills:

• Exceptional written communication
• Technical product understanding
• Stakeholder management
• Commercial awareness
• The ability to manage complex projects under pressure

That combination is difficult to find and firms are increasingly competing for the same individuals.

Strong candidates are often involved in multiple interview processes simultaneously, with speed of decision-making becoming critical.

RFP is becoming more commercially important

One of the biggest shifts within the market is the growing recognition of how commercially important RFP professionals have become.

The function now sits at the intersection of investments, distribution, product and client strategy. In many firms, RFP teams contribute directly to fundraising success and investor engagement.

The strongest professionals are not simply responding to requests. They are helping shape how firms communicate investment capabilities and differentiate themselves in the market.

As a result, hiring within the function has become far more strategic.

RFP is also a pathway into other areas

Another challenge is retention.

Increasingly, professionals are using RFP as a stepping stone into broader commercial roles across asset management, including:

• Distribution and sales
• Investment specialist positions
• Consultant relations
• Client services

From a career perspective, this is understandable. RFP professionals develop strong product knowledge, stakeholder exposure and investor understanding are all highly transferable skills.

However, it also means firms are seeing continual movement within the market and fewer long-term RFP specialists.

AI is changing the conversation, not removing the need

Automation and AI are also influencing perceptions of the function.

Technology is improving efficiencies around content management and drafting responses, but it is not replacing experienced professionals.

Institutional and private markets investors still expect nuanced, bespoke and relationship-driven communication. The strongest RFP professionals are translating technical investment concepts into clear, commercially aligned messaging, something that remains difficult to automate fully.

Even so, uncertainty around how the role may evolve is influencing how some professionals view long-term career progression within the function.

Hiring profiles are evolving

Historically, firms often focused on hiring asset-class-specific RFP professionals.

Increasingly, however, employers are becoming more open to broader generalist profiles with strong adaptability and communication skills.

At the same time, private markets firms continue expanding aggressively, creating additional competition for talent and putting further pressure on traditional public markets managers.

Final Thoughts

The RFP market within asset management has evolved considerably.

What was once viewed primarily as a support function is now recognised as a commercially important area closely linked to fundraising, investor engagement and business growth.

Demand for experienced professionals continues to rise, while the available talent pool remains limited.

For firms hiring within RFP, the challenge is no longer simply finding talent.

It is creating an environment where the best professionals genuinely want to stay.

If you would like to talk about any of the issue raised here, email me on maria.lebada@merakitalent.com or meet me on LinkedIn