Multi-strategy hedge fund Verition has bolstered its team by appointing Mark Almond as its new head of support. Almond joined Verition this week after a four-year stint at Schonfeld, another prominent hedge fund, according to a report by eFinancial Careers.

At Schonfeld, Almond served as head of front office support and automation, while also leading the firm’s DEI Alliance Family Network. He departed from the firm in March of this year.

With his expertise in support operations and focus on diversity initiatives, Almond is expected to play a pivotal role in enhancing Verition’s infrastructure and organisational culture.

The move comes amid broader industry trends. Last year, Schonfeld reduced its workforce by approximately 150 employees, including a substantial number of technology staff. Despite these cuts, the firm has demonstrated strong performance. Its flagship fund, Schonfeld Strategic Partners, posted an 11.8% return by late summer 2024, outpacing rivals such as Citadel’s Wellington Fund and Marshall Wace’s Eureka Fund, according to Reuters.