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An investment manager, asset manager, manager, or (with some arcane distinctions, investment adviser are all more or less the same thing: clever folk playing with other people’s money. They’re agents, and they may argue about unallocated trades. The big ones will also enjoy lording it over supine broker/dealers who, for all their bravura, will meekly surrender almost any credit protections in the face of a hot dispute from a big real money guy.

“Events of Default? Why, no, sir, we don’t need those!”

let me Google that for you

See also