A portfolio manager (PM) at a hedge fund is responsible for managing the funds assets, implementing its investment strategies, and managing day-to-day portfolio trading. 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. PMs must spend time marketing the fund, raising capital from LPs, and answering their questions and concerns. They also oversee the infrastructure required to support the fund, which means they may be further removed from the nitty-gritty details of investing. The PM holds great influence on a fund, and their decisions directly affect the overall returns of the fund. Hedge fund managers oversee the operations and functions of a hedge fund, and they make investment decisions. Hedge fund management firms are often owned by the managers in charge of the portfolio, meaning that they are entitled to a large amount of the profits that the hedge fund makes.