Business Portfolio is the newer name Meta uses for the same underlying object historically called a Business Manager: a business-owned container for ad accounts, Pages, and assigned people or partners. The rename reflects Meta consolidating its business tools branding, but the functionality — asset ownership, roles, and partner access — is unchanged.
Agencies and clients will see both terms in the wild since documentation, support articles, and the interface itself are mid-transition, so 'Business Manager' and 'Business Portfolio' can be treated as synonyms when reading older material or support tickets.
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