Which of the following best describes an RFP's path ?

1. 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.
2. A fund manager presents and RFP to an investment consultant. Then the investment consultant shops it around different clients looking to make a match
3. A fund manager seeks out institutitonal 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
4. 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.