Ex-Goldman Sachs ED leaves friendly hedge fund amidst macro hiring spree
Verition Fund Management, the "friendly" hedge fund, is accumulating macro portfolio managers (PMs) in London. At the same time, though, an equities portfolio manager who joined from Goldman Sachs four years ago has gone on his way.
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Richard Heath is understood to have left Verition in the past week. Neither Heath nor Verition responded to many requests to comment on his disappearance. Heath joined the fund’s London office in 2021 after a career mostly spent on the buy-side at Metage Capital and Oxford Asset Management, followed by three years at Goldman.
It’s not clear why Heath is leaving. Verition has a reputation for being more gentle than some other funds, but it is not also averse to ejecting portfolio managers during drawdowns or when it's making portfolio adjustments. Four people left Verition in March as teams were trimmed, for example.
During his time at Goldman, Heath worked in the emerging markets equities team. This has proven a popular source of talent for hedge funds including Verition, LMR, Millennium and Schonfeld.
Verition has around $13bn in assets under management and has been growing fast. When Affiliated Managers Group (AMG) acquired a minority take in Verition in April this year, the fund reportedly employed 750 people globally, up from 500 in 2024.
Since then, various new hires have arrived in London. They include: Afif Beyum, a former credit trader from Deutsche Bank; Preben Ramm, a rates trader and former portfolio manager from Graham Capital; David McAnany, the former co-head of EMEA FX at BNY; and Maxime Lelong a power trader who joined in September.
In London, Verition occupies the third floor of the Lucent building in Piccadilly. This is the same building occupied by Eisler Capital, the struggling hedge fund which is closing down. Two new floors may soon be available if Verition needs them.
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