A trustee represents the: a. borrowing firm. b. federal government. c. bondholders. d. investment management company.

D) investment management company.

Explanation:

A trustee is the person responsible for managing the assets of a trust on behalf of the trust's beneficiaries. A trustee can be part of an investment management company, since its primary role is to manage assets and if properly done should increase total asset value. The roles of a trustee may vary depending on the assets that from the trust and who the beneficiaries are and how they will receive the proceeds from the trust.