Verition parts ways with quant portfolio manager Damien Couture

Verition cut ties with London-based quantitative portfolio manager Damien Couture after losses on his strategy exceeded the fund’s internal drawdown limits, the UK Financial Conduct Authority register shows. His registration with Verition ended on July 6.

People familiar with the matter confirmed the departure followed losses that triggered the firm’s internal risk controls, which at multi-manager hedge funds can close or reduce portfolios when preset loss thresholds are breached. Verition did not provide a public comment and Couture did not respond to requests for comment.

Couture joined Verition in May 2023 after successfully challenging a two-year non-compete tied to his previous employer. Market sources expect he will remain at the firm during a transition period and formally leave later this year. No new employer has been disclosed, and it remains unclear whether members of his investment team will stay at Verition.

Before joining the hedge fund sector, Couture worked in quantitative trading roles at Jump Trading and G-Research. A graduate of France’s École Polytechnique, he began working as a quantitative trader in 2007. His position at Verition was his first appointment as a portfolio manager within a multi-strategy hedge fund.

No financial details about the losing positions, the scale of the drawdown or performance figures for Couture’s portfolio have been disclosed.