Hyper-v question

Hello,

We use Symantec Endpoint Protection 12.1.5 in a single server (2003) environment and are looking at upgrading to Server 2012 and running a few virtual servers via Hyper-v.  I have read a couple of posts and white papers on running in a hyper-v environment but I am still confused about the Endpoint Protection Manager.

Can the manager be run on a hyper-v virtual machine?  If no, can it be run on the host machine with SEP clients installed on the virtual machines?

Thanks