The investment banker or bankers for a specific debt or equity offering charged with coordinating the offering. The underwriting agreement lists who the managing underwriters are and outlines their responsibilities. Managing underwriters receive more of the issue to sell to their clients, thus making the issue more lucrative for the underwriter. Manag-ing underwriters determine how much of the issue other underwriters will receive to sell to their clients. They also engage in open market transactions during the underwriting period to stabilize the securities’ market price. See also underwriter.