'liberally-managed' originates from the combination of 'liberally' and 'managed', where 'liberally' comes from Latin 'liberalis', meaning 'of freedom', and 'managed' from Italian 'maneggiare', meaning 'to handle'.

'liberally' changed from Latin 'liberalis' to Old French 'liberal', and eventually became the modern English word 'liberal'. 'Managed' evolved from Italian 'maneggiare' to Middle English 'managen', and eventually became 'manage'.

Initially, 'liberally' meant 'freely' or 'generously', and 'managed' meant 'handled'. Over time, 'liberally-managed' evolved to mean 'managed in a generous or open-minded manner'.