A multi-strategy hedge fund known for its relatively collegial culture appears to be experiencing some turnover within its equities business. Earlier this year, the firm made a high-profile hire to lead its equity long-short platform, signaling an effort to strengthen and reorganize the division. However, recent developments suggest that stability in the team may still be a work in progress.

According to multiple sources, a senior portfolio manager who joined the firm from a larger hedge fund at the start of the year has now departed. The firm has not commented publicly, and the reason for the exit remains unclear. The portfolio manager had spent two decades at her previous firm and was known for running strategies across industrials, materials, and energy. Her departure follows that of another equities portfolio manager who joined a few years earlier and left recently, pointing to continued movement within the group.

Former colleagues describe the departing manager as a strong performer with a long track record of generating returns and earning loyalty from teams she worked with. She was also known for a direct working style and for placing a high priority on family life.

Overall, the exit highlights the challenges smaller hedge funds can face when integrating senior hires from large, established platforms. While Verition continues to invest in its equities business, recent departures suggest the team is still finding its long-term shape.