Arrow, as randall pointed out, the term portfolio manager is thrown around quite loosely. in a hedge fund, a portfolio manager is someone who is actively trying to beat the market with a specific strategy say global macro, convertible arbitrage, event driven etc. it's what you think of when you think of the term "fund manager". danny boy mentioned previously that being a trader has nothing to do with being a PM, but from what i know, most HF PMs are either former equity research analysts or prop traders (more for fixed income). perhaps he could clarify that as i would also be curious to know what he is basing that on?
i have some friends in private banking, and from what i've gathered portfolio managers there manage money, but in a role more similar to an FA. i'm no expert, and to be honest i'm not sure what the difference between a private wealth PM and FA is exactly in private wealth... but i'd assume they manage all aspects of your portfolio... when someone is managing your overall asset allocations including your equities, fixed income, alternative investments etc. i find it hard see how they'd have the time to generate alpha without specializing and while still having to deal with all the sales related stuff you need to do in private wealth.
that being said if you are seeking the latter type of "PM", you might have a good chance with the role you mentioned. if like you said you are seeking to be a PM at a HF, it may be a little more difficult. either way, its def. a solid job. anyway, take my advice for what its worht. much of it is based on conjecture, and if anyone has any input on where i've gone wrong i'd love to hear more on the subject of what constitutes a "PM".