Multi-strategy hedge fund Verition Fund Management has parted ways with at least four investment professionals across its global offices in recent weeks, as part of a broader effort to refine its trading teams, according to a report by eFinancial Careers.

The four know to have left the form are: Patrick Kelly, an emerging markets FX trader in New York, who joined from Citi in 2021; Shyam Parameswaran, an FX portfolio manager in Singapore; Madan Reddy, an FX analyst in Singapore; and Alex Radu, a portfolio manager based in London.

While Verition declined to comment on the departures, sources suggest that a lack of diversification within its FX teams may have played a role in the reshuffle.

Founded in 2008, Verition has grown into a major player in the multi-strategy space, managing nearly $12bn in AUM. The firm has expanded aggressively in recent years, quadrupling the size of its Park Avenue office during the pandemic. It now employs over 400 investment professionals globally.