Challenge

• RFPs are side-by-side price checks; unclear scope drives price-led losses.
• Pricing is shifting from AUM to activity and complexity; a clear base fee with add-ons protects margins.
• Benchmarks flagged below-peer pricing in key services, indicating bundled value leakage that procurement can pressure.
• With fees per unit declining, margins depend on clear charge rules that protect liability work and standardise commodity services.