A long time ago, on the L382 Hercules, the Flight Engineer used to set and control the throttles during Take-Off.
That was always our procedure in the C-130. The pilot flying would set approximate thrust and call for the setting, and the FE would set it and maintain it. Presently we do the same in the 747. If the FO is flying, he stands the thrust levers up, waits for it to stabilize about 1.1 EPR, then advances the thrust levers. At that point he calls for reduced or maximum thrust, and removes his hand. The Captain places his hand on the top of the thrust levers, and the engineer works them from the engineer handle of the thrust levers.
If the captain is the pilot flying, he does the same thing and the FO never touches them.
In the even of a rejected takeoff, the captain performs the rejected takeoff.