what is a pm in a hedge fund

A PM in a hedge fund is a portfolio manager who is responsible for making investment decisions and carrying out investment activities on behalf of vested individuals or institutions. In the context of hedge funds, the PM makes final trading decisions, manages risk and the entire portfolio, and oversees back/middle office operations such as compliance, IT, and accounting. At single-manager funds, the PM started or took over the fund and has responsibility for everything that happens. At multi-manager funds, there are potentially dozens of PMs who are each assigned a certain amount of assets under management (AUM) to invest. The PM also spends time marketing the fund, raising capital from LPs, and answering their questions and concerns. The IT infrastructure for a PM facilitates the delivery of updated prices and market information to allow for trade orders, trade executions, and their overall portfolio value. The IT infrastructure, known as a portfolio management system (PMS), includes components such as an order management system, execution management system, portfolio valuation, risk, and compliance.