No, it should not be a problem, In the update I am currently working on I have moved it to player controller. (To support online multiplayer)
It was not any issues moving it to player controller, (except tweaking it to support network)
Action manager should find player controller that owns action manager component.
(See collapsed macro “Find Player Controller” in action manager)
If it does not do “anything” I suspect you forgot to tick the Action manager.
Can you check if it is properly connected?
If this does not help, please post some pictures of your Player Controller.