London & Dubai- 25 March 2026

A new survey of the Third-Party Marketing (TPM) industry across EMEA and APAC shows that investment managers are increasingly relying on external distribution partners as fundraising becomes more international, more regulated and more competitive.

The latest research, published in Insight Discovery’s report “Taking Third Party Marketing to a New Level”, highlights how the TPM sector is evolving in response to changing client demands, longer fundraising cycles and growing regulatory complexity.

Among the key findings:

Based on responses from 50 market practitioners, key takeaways among TPM firms include:

  • 68% work with between three and nine asset management companies, with 20% working with at least 10 firms
  • 90% represent managers in multiple jurisdictions
  • Equity managers continue to be the most common type for TPM firms to work with, although private markets managers across private credit and real assets are not far behind
  • Strong past investment performance, reputation and access to individual portfolio managers are the most important factors when selecting asset managers to represent
  • 20% are keen to partner with ETF issuers, with 40% open to considering it
  • 58% have hybrid fee models, combining retainers and success fees
  • 88% maintain agreements with managers that allow them to continue receiving payments after their mandate ends
  • 58% are regulated in the countries where they market the investment strategies and funds of their clients
  • 52% raise more than US$100m in a typical year, with 14% raising over US$500m.
  • The reputation of a TPM firm is the biggest success factor in the current environment

The findings suggest that the TPM model is becoming more institutionalised, with firms expanding their geographic reach, strengthening compliance frameworks and offering broader distribution capabilities. 

Nigel Sillitoe, CEO of Insight Discovery, said: “Fundraising has become significantly more complex over the past few years. Investment managers are looking for partners who are regulated in the markets they operate and can provide real market access and long-standing

relationships with investors. What we are seeing is a clear shift from opportunistic capital-raising towards longer-term, more strategic partnerships between investment managers and third-party marketers.”

The report also highlights that consolidation among investment managers, rising regulatory requirements and cost pressures are increasing demand for specialist distribution support, particularly when entering new markets.

Philip Kalus, Managing Director at Acolin, A Broadridge Company, Platinum Partner of the report said: “Europe remains the world’s second-largest and one of the most dynamic fund markets, with the distribution landscape continuing to evolve and create new opportunities, particularly for best-of-breed managers.

The third-party marketing industry in Europe is well established, offering asset managers a fast and efficient route into markets where they lack local presence, contacts or operational infrastructure. By leveraging the marketer’s footprint and expertise, firms can expand distribution without the cost and complexity of building their own on-the-ground teams.”

The survey also shows that the TPM industry remains dominated by specialist regulated firms, but with a clear trend towards more formalised structures, hybrid fee models and stronger regulatory alignment.

This third edition of the survey aims to provide actionable insights into the trends, developments and characteristics shaping the TPM landscape across Europe, the Middle East and Asia.

The Gold Partners for the research project include Capital Strategies Partners, Hyde Park Investment and the Independent Investment Management Initiative (IIMI).

About Insight Discovery

Insight Discovery is a multiple award-winning consultancy specialising in market intelligence, research and strategic communications for the global financial services industry.

About Acolin

Acolin, a Broadridge company, is an independent global fund distribution partner providing market entry, fund registration, regulatory and distribution support to investment managers across Europe and beyond

For more information, please contact
Nigel Sillitoe
CEO, Insight Discovery
E: sillitoe@insight-discovery.com 
W: www.insight-discovery.com