In the Film Industry, a Manager is one who directs and develops the career of an artist (writer, actor, director, etc.), while overseeing business and artistic affairs on behalf of said artist.
The manager, as opposed to an agent, is a bit more initmate in that he/she is concerned with developing your career. Managers want to mold and guide you to the best of their ability so that you may tap into the best of yours. If they see promise in you they're in it for the long haul. They're the friend, the shoulder to cry on, the babysitter,....but you'll be paying for it in the end so it's all good.
A lot of time and effort is put into being a manager, so their client list tends to be a bit smaller. Less clients means more face time with them and for them. More face time also means a bit more of a commission the manager gets off the sale of a particular project. Traditionally, this "cut" is 15% of the gross. It can be more or less depending on the manager. Managers are not governed by any state regulations so they can set their own bar. Managers may also charge you up front, but any reputable one will not do that. On the other hand, since managers are not governed by the state, they cannot legally negotiate a deal or procure employment for their clients. Some managers will bend the rules, but "shhh", we won't tell anyone. Those managers who do fly straight will procure an agent and/or lawyer for their client.