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investment manager

(1) (except in LR) 64a person who, acting only on behalf of a client:

  1. (a) manages designated investments in an account or portfolio on a discretionary basis under the terms of a discretionary management agreement; or
  2. (b) manages designated investments in an account or portfolio on a non-discretionary basis under the terms of a non-discretionary management agreement.

(2) (in LR) a person who, on behalf of a client, manages investments and is not a wholly-owned subsidiary of the client.64