Actually, so far I have three answers and my opinion (which may or may not agree with any of those answers).
JG’s answer pretty strongly implies that the CM Manager, in relation to the life cycle, is on the outside looking in (as part of the management umbrella over the entire product).
Veroamore's answer seems to be that the CM Manager position is largely determined by the organization’s culture, but the location of the position is not really very important as long as there is an "equal position in collaborating with the other teams."
Bob's answer is that the position depends on the industry and regulatory environments and on the organization/industry culture.
So far, those are the only opinions expressed.