Chief Operating Officers (COOs) manage the day-to-day operations of a company or organization. By virtue of being in charge of implementation and administration, they wield considerable influence and power within organizations, and are often considered the second person in charge after a CEO. Hedge funds are groups of investors, often linked to investment banks, who engage in high-stakes trading activity in the hopes of realizing massive profits. Thus a COO at a hedge fund manages the daily operations of a hedge fund firm, with duties and responsibilities relating to everything to hiring and promotion of management to implementing new investment and tax strategies.