Industry Groups Offer Model RFPs for Small Institutional Investors

Three new model request for proposalsâ€″one each for equity investments, fixed-income investments, and real estate investmentsâ€″aim to help smaller institutional investors select money managers.

A group of volunteer experts from the CFA Institute Centre for Financial Market Integrity, Investment Management Consultants Association, Institute for Private Investors, and the Investment Adviser Association created the model RFPs with three sections: (1) firm information, (2) product information, and (3) performance information, as well as with questions that can be customized to fit an investor’s particular needs, a news release said.

Investors are encouraged by the template to ask questions of potential money managers about firm personnel, compliance history and procedures, governance and proxy structure, and trading and soft-dollar practices. Other questions address the specific proposed product, including investment philosophy and process, research, and fees, as well as product performance and compliance with the Global Investment Performance Standards, according to the release.

The model RFPs are available on the Web sites of the partner organizations:,,, and