Finance seems to have a lot of different terminology in different areas. From my experience in "sell side equity research" (i.e.: we researched stocks, but didn

Finance seems to have a lot of different terminology in different areas. From my experience in "sell side equity research" (i.e.: we researched stocks, but didn't own much ourselves, other than our market-making trading desk), I've come to associate "portfolio management" with the "buy side" - hedge funds, mutual funds, pension plans, and so on. Investment banks were something else entirely; they pitched and ran mergers and acquisitions. They didn't manage stocks themselves. It gets confusing since some firms can do both. E.g., Goldman or Morgan Stanley are generally well known as investment banks, but they also have an equity research side. But folks who work in equity research aren't called "investment bankers" and "investment bankers" don't work on the equity research side. In fact, there's regulations that try to limit the interaction between the two sides. But in any case, I wouldn't consider either side to manage a portfolio.