I'm a UX veteran but new to company that has a Product management team. There is often questions about UX being under Product instead of the IT area. What are your thoughts? If it helps, my UX team also writes all the User stories.
Should the UX team be organizationally with IT or Product Management?
Neither. Or rather, both.
UX, ideally, is a team that facilitates product design and development by bringing all the stakeholders together to the table. PM, IT, Marketing, Business, etc.
The fact that the UX team is writing the user stories--however--indicates to me that this company is not unlike a lot of companies in that they really don't understand Agile. :)
User stories should also be an entirely collaborative process. Usually driven by business, but not dictated by them.
(Personal rant: In terms of an org-chart, I find that UX shouldn't be under any particular branch as we're supposed to answer to the end-user--not a particular department head. All-to-often in large organizations when UX is placed under a particular branch of the Org Chart, someone above has undo political influence on how customer needs are addressed.)