From the Talent’s point of view, they see:

• Pages from their personal plan, plus
• Pages managed by the Agency (marked as Managed).

From a quota/billing perspective:

• Managed pages consume the Agency’s page quota,
• They no longer consume the Talent’s personal page quota.

In other words: the account that manages the page is the one whose quota is used. Talents can see the pages, but the quota is counted on the Agency.