Users that login to the QLM Portal belong to a User Group. Each User Group has a set of privileges in terms of what operations they can perform and what data they have access to.
A user account that belongs to the User Group 'None' is considered an Administrator and has full privileges.
A user account that belongs to any other User Group will, by default, only see license keys that were created by any member of the same User Group that he/she belongs to.
You can override this behavior and allow a User Group access to all license keys by settings the "View All Keys" property to true as shown in the screenshot below (QLM Management Console / Manage Keys / User Groups)