Which of the following best

describes an RFP$\text{'}$s path?

An asset owner$/$institutional client with funds to invest submits an RFP to an

investment consultant and fund manager. The investment consultant and fund

manager then work together to fulfill the client's goals.

An investment consultant asks multiple fund managers to submit an RFP$.$ Then

the fund managers prepare and present their RFPs to the consultant and$/$or the

asset owner, who will then decide which manager to select.

A fund manager presents an RFP to an investment consultant. Then the

investment consultant shops it around to different clients looking to make

a match.

A fund manager seeks out institutional investors like insurance companies and

pension plans by pitching them a number of RFPs$.$ The investment consultant

helps the client decide in which to invest.