investment manager

(1) (except in UKLR195) a 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 UKLR195) a person who, on behalf of a client, manages investments and is not a wholly-owned subsidiary of the client.64