This question has been answered by dubbs. See the first response.
The ContentEditor policy is fairly restrictive (only 24 permissions out of 172 -- mostly related to resources).
It's based on the Administrator Template, though, so it's easy to give them more permissions.
I would probably duplicate the ContentEditor policy, make my changes to the duplicate, and then assign the duplicate in the User Group's Context Access ACL entry for the 'mgr' context.

