investment manager
- (a) manages designated investments in an account or portfolio on a discretionary basis under the terms of a discretionary management agreement; or
- (b) manages designated investments in an account or portfolio on a non-discretionary basis under the terms of a non-discretionary management agreement.
(1) (except in LR) 64a person who, acting only on behalf of a client:
(2) (in LR) a person who, on behalf of a client, manages investments and is not a wholly-owned subsidiary of the client.64