Partner of Record and One Billing Partner
There is no such thing as Partner of Record (also called DPOR) under the CSP program. This is because the licenses we provide under CSP is tagged with your MPN, and therefore count to you once billed. There can only be ONE billing partner for CSP per tenant with rhipe.
Previously, the Advisor program would allow partners to get rebates from Microsoft when there was direct subscriptions (usually on a Partner's Credit Card, which they would re bill to the customer). Under CSP, rhipe provides this rebate under lower initial prices and other rebates, not Microsoft.
This other partner is free to offer Delegate Admin (and be listed in the tenancy as an Advisor in the Partner Relationships section), however what is being asked is completely impossible. If they want the credit of the licenses against competencies, then they need to sell the licenses.