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Sounds like they want you to manage someone without compensating you like a manager. I would revisit that conversation again and express your concerns. If that’s doesn’t work out start looking for a new job.
What level is your manager at?
My manager is a VP. She provided me a company document outlining what constitutes being a manager. I check off all of the criteria and when I told that to her she agreed, but still said nothing will happen until the spring. They did give me a little bump in pay, but not sure if they are serious about promoting.