Question:
They are both investment management companies, yet they manufacture investment products for institutional and retail clients??
Answer:
"Buy side"
Sell-side are brokerages.
Buy-side are mutual funds, insurance companies, hedge funds and other asset managers.
You can even have companies that have both buy and sell-side in the same company (e.g. UBS, Credit Suisse, Morgan Stanley, Goldman Sachs). They treat each other like arms length companies in order to get the best recommendations and execution.
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