London & Dubai, 25 March 2026 — The landscape of the Third-Party Marketing (TPM) industry across Europe, the Middle East, and Asia-Pacific (EMEA and APAC) is undergoing significant transformation. A recent survey conducted by Insight Discovery reveals that investment managers are increasingly turning to external distribution partners as the fundraising environment becomes more international, regulated, and competitive.
The Changing Landscape of Fundraising
The report titled “Taking Third Party Marketing to a New Level” sheds light on how the TPM sector is adapting to evolving client demands, extended fundraising cycles, and increasing regulatory complexities. As investment managers seek to navigate these challenges, the reliance on third-party marketers is becoming more pronounced.
Key Findings from the Survey
Based on responses from 50 market practitioners, several key takeaways emerged:
Diverse Partnerships: A substantial 68% of TPM firms collaborate with between three and nine asset management companies, while 20% engage with at least ten firms.
Geographic Reach: An impressive 90% of respondents represent managers across multiple jurisdictions, highlighting the international nature of modern fundraising.
Focus on Equity: Equity managers remain the most common type for TPM firms, although private markets managers, particularly in private credit and real assets, are gaining traction.
Selection Criteria: Strong past investment performance, reputation, and access to individual portfolio managers are critical factors for TPM firms when selecting asset managers to represent.
Interest in ETFs: Notably, 20% of firms are eager to partner with ETF issuers, with 40% open to considering such collaborations.
Fee Structures: A significant 58% of firms employ hybrid fee models, combining retainers and success fees, while 88% maintain agreements that allow continued payments after a mandate ends.
Regulatory Compliance: 58% of TPM firms are regulated in the countries where they market their clients’ investment strategies and funds.
Fundraising Success: Over half of the firms (52%) raise more than US$100 million annually, with 14% exceeding US$500 million.
The findings indicate a shift towards a more institutionalized TPM model, characterized by expanded geographic reach, enhanced compliance frameworks, and broader distribution capabilities.
The Shift Towards Strategic Partnerships
Nigel Sillitoe, CEO of Insight Discovery, emphasized the growing complexity of fundraising in recent 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,” he noted. This shift reflects a transition from opportunistic capital-raising to more strategic, long-term partnerships between investment managers and third-party marketers.
The Role of Regulatory Compliance and Market Entry
The report also highlights that increasing regulatory requirements and cost pressures are driving demand for specialized distribution support, especially for firms entering new markets. Philip Kalus, Managing Director at Acolin, a Broadridge Company and Platinum Partner of the report, stated, “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 established third-party marketing industry in Europe offers asset managers a swift and efficient route into markets where they lack local presence or operational infrastructure. By leveraging the expertise and networks of marketers, firms can expand their distribution capabilities without the burden of building their own teams.
Trends Towards Formalization and Specialization
The survey indicates that while the TPM industry is still dominated by specialist regulated firms, there is a clear trend towards more formalized structures, hybrid fee models, and stronger regulatory alignment. This evolution is crucial for adapting to the increasingly complex fundraising environment.
Conclusion: A New Era for Third-Party Marketing
The third edition of this survey aims to provide actionable insights into the trends, developments, and characteristics shaping the TPM landscape across EMEA and APAC. As investment managers continue to seek effective ways to navigate the complexities of fundraising, the role of third-party marketers will undoubtedly become more pivotal.
About Insight Discovery
Insight Discovery is a multiple award-winning consultancy specializing in market intelligence, research, and strategic communications for the global financial services industry.
About Acolin
Acolin, a Broadridge company, serves as an independent global fund distribution partner, offering market entry, fund registration, regulatory, and distribution support to investment managers across Europe and beyond.
For further inquiries, please contact:
Nigel Sillitoe
CEO, Insight Discovery
E: [email protected]
W: www.insight-discovery.com
This article serves as an overview of the evolving dynamics within the Third-Party Marketing industry, emphasizing the importance of strategic partnerships and regulatory compliance in today’s fundraising landscape.
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