The most common and most likely answer to this crossword clue is the 12 letter word ORCHESTRATED
I've seen this crossword clue in The Guardian
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More clues leading to the result ORCHESTRATED
Buddy explains!

The straight part
We know that "Managed" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case managed = orchestrated.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does ORCHESTRATED mean?
ORCHESTRATED verb- To arrange or score music for performance by an orchestra.
- To compose or arrange orchestral music for a dramatic performance.
- To arrange or direct diverse elements to achieve a desired effect