How to set value for 'ManagedBy' attribute of an office 365 security group?

Hello All - I am trying to set value for 'ManagedBy' attribute of an office 365 security group using the New-MsolGroup cmdlet. However, I keep getting "Invalid value for parameter. Parameter name: ManagedBy" error.

I tried with 2 following values:-

• Valid User Principal Name i.e like valid_user@mydomain.onmicrosoft.com
• Invalid user principal name i.e like just string "Me"

For both above values, I get below values...

<<

New-MsolGroup : Invalid value for parameter. Parameter name: ManagedBy.
At line:1 char:1

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Interestingly, the "Office 365 Admin Center" does not provide a way to update value for "ManagedBy" attribute. All it can take is 'DisplayName', 'Description' and 'Members'!!

How do I set the value for this attribute?