Multi-strategy hedge fund Verition has parted ways with London-based quantitative portfolio manager Damien Couture, little more than three years after he joined the firm following a lengthy legal dispute over his post-employment restrictions, according to a report by eFinancial Careers.
The report cites the UK Financial Conduct Authority (FCA) Register as showing that Couture’s registration with Verition ended on 6 July. People familiar with the matter said his departure followed losses that breached the fund’s internal drawdown limits, a common risk management trigger at multi-manager hedge funds. Verition has not publicly commented on the move, while Couture reportedly did not respond to requests for comment.
Couture joined Verition in May 2023 after successfully challenging a two-year non-compete agreement linked to his previous employer, electronic trading firm Jump Trading. Before making the move into the hedge fund sector, he had built a career in quantitative trading at both Jump Trading and G-Research.
A graduate of France’s prestigious École Polytechnique, Couture had worked as a quantitative trader since 2007. His role at Verition marked his first appointment as a portfolio manager within a multi-strategy hedge fund.
Market sources suggest Couture is expected to remain at Verition during a transition period before formally leaving later this year. His next destination has not been disclosed, and it remains unclear whether members of his investment team will stay with the firm or seek opportunities elsewhere.
