This article explores some aspects of and challenges faced by those academics and administrators who undertake the leadership and management of research activity in contemporary UK universities. This analysis is set in the context of almost three decades of reforms to the UK's higher education systems in general and to research funding and audit in particular. The management of research is an area of activity in which administrators and academics often work closely together, which presents both opportunities and challenges. The article considers who is involved in "managing" research, what they do, the difficulties of determining what constitutes success in such roles, and opportunities for further development of academic and administrative collaboration.