Verition Fund Management

Last updated
Verition Fund Management LLC
Type Private
Industry Hedge fund
FoundedOctober 2008;14 years ago (2008-10)
FoundersNicholas Maounis
Josh Goldstein
Headquarters Greenwich, Connecticut, U.S.
Key people
Nicholas Maounis (CEO)
AUM US$6.8 billion (March 2023) [1]
Number of employees
279 (March 2023)
Website www.verition.com
Footnotes /references
[2]

Verition Fund Management (Verition) is an American multi-strategy investment management firm headquartered in Greenwich, Connecticut. It has additional offices in New York, London, Hong Kong and Singapore.

Contents

Verition invests in credit markets, convertible bonds and stocks. It also has a team that manages money using computer models.

Background

After the collapse of Amaranth Advisors, its founder Nicholas Maounis worked on founding a new firm. In October 2008, Maounis and Josh Goldstein, the Chief Operating Officer of Maounis' family office founded Verition and initially it had 19 employees. The name Verition is derived from Veritas, the Latin word for truth. Maonius hired several ex-Amaranth employees and by 2010, three of Amaranth's four partners were working at Verition. To prevent a repeat of Amaranth, Verition added risk controls and hired risk management specialists to monitor trading risks daily. [1] [3] [4] [5] [6]

In 2021, Bloomberg News reported that Verition has had an annualized return of 14% since inception with no annual losses. In 2020, the firm had a return of 30.4% which was higher than the 9.5% average amongst hedge funds. [4] [7]

In September 2021, Verition opened an office in Singapore and was also exploring opening an office in Hong Kong. [7]

In April 2022, Verition moved its New York office from the Helmsley Building to 245 Park Avenue. [3]

In April 2023, signed a lease of more than 20,000 square feet at 45 Glover Avenue in Norwalk, Connecticut which was the former headquarters of Xerox and the current headquarters of Factset. [1]

In May 2023, Jump Trading pursued legal action to prevent one of its former traders from joining Verition citing he had trade secrets related to algorithmic trading. Verition stated it would not be seeking any of the secret information. [8]

Verition focuses on niche strategies that offer attractive trading opportunities but can't accommodate the amounts of capital that its larger peers seek to deploy. [7]

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References

  1. 1 2 3 Schott, Paul (3 April 2023). "Hedge fund manager Verition signs office lease in Norwalk". CT Insider.
  2. ↑ "Form ADV" (PDF). SEC.
  3. 1 2 "Hedge Fund Verition Moves Its New York Office in a Major Expansion". Bloomberg.com. 2022-04-25. Retrieved 2023-06-24.
  4. 1 2 "Hedge Fund Verition Opens to Cash for Patient Investors Only". Bloomberg.com. 2021-09-07. Retrieved 2023-06-24.
  5. ↑ "Maounis Hires Former Amaranth Colleague for Two-Year-Old Fund". Bloomberg.com. 2010-10-14. Retrieved 2023-06-24.
  6. ↑ Strasburg, Jenny (2010-06-25). "Former Amaranth Chief Returns to the Stage". Wall Street Journal. ISSN   0099-9660 . Retrieved 2023-06-24.
  7. 1 2 3 "U.S. Hedge Fund Verition Plans Singapore Office, Eyes Hong Kong". Bloomberg.com. 2021-09-30. Retrieved 2023-06-24.
  8. ↑ "Jump Trading Star Quant Can't Hold Secret Code in His Head to Take to Rival". Bloomberg.com. 2023-05-25. Retrieved 2023-06-24.
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