'independently-managed' originates from the combination of 'independent' and 'manage', where 'independent' comes from Latin 'independens', meaning 'not dependent', and 'manage' from Italian 'maneggiare', meaning 'to handle'.

'independent' evolved from the Latin 'independens' through Old French 'independant', while 'manage' transformed from Italian 'maneggiare' to Middle English 'managen'.

Initially, 'independent' meant 'not relying on others', and 'manage' meant 'to handle or control'. The combined term 'independently-managed' retains these meanings in a business context.