Verition Fund Management is facing a wrongful dismissal lawsuit brought by its former Asia-Pacific head of business development, Xiang Liyao, who alleges she was terminated without valid grounds and denied a potential 2026 bonus, according to a report by Bloomberg.

Xiang, also known as Elizabeth Xiang, filed a claim in Hong Kong’s High Court seeking damages for lost salary, benefits, potential bonuses and reputational harm. She alleges that Verition, which manages approximately $15bn, dismissed her in June despite positive performance feedback and a significant contribution to the firm’s regional expansion. Verition did not respond to Bloomberg’s requests for comment.

Xiang joined Verition from Millennium Management in December 2021 as its first Asia-based business development hire, subsequently becoming a managing director responsible for recruiting portfolio managers across the region. According to the filing, she was responsible for 27 of the firm’s 30 regional portfolio manager hires between December 2021 and June 2026, during which its Asia-Pacific headcount increased from four to 87.

The lawsuit alleges that Verition cited performance and communication concerns without providing specific examples or following its internal disciplinary procedures. Xiang claims her dismissal was linked to time taken to care for her ill mother and an attempt to avoid paying her annual bonus. Her employment formally ended in September following three months of garden leave, and she is also planning a separate discrimination claim in Hong Kong’s District Court. The allegations have not been tested in court.