Before my start-up, I was a dev manager. And a damn good developer. I knew what technical difficulties my team had, and understood them, because I was the first place they came for an extra set of eyes. I ran defense from upper management because I knew the concerns, and I was the one with the voice. Because I'm also an open-book style manager I didn't play the "they don't need to know" card, but I could handle those things without them first having to mount a case to me every time.
I've watched A LOT of "I used to code" managers, and almost to a man, they are a disasters.