Key Takeaways
- • Xiang Liyao, former Asia-Pacific head of business development at Verition Fund Management (approximately $15bn AUM), filed a wrongful dismissal claim in Hong Kong's High Court, according to Bloomberg.
- • Xiang alleges she was dismissed in June 2026 despite positive performance feedback and denied a potential 2026 bonus, with her employment formally ending in September after three months of garden leave.
- • Xiang says she was responsible for 27 of Verition's 30 regional portfolio manager hires between December 2021 and June 2026, when Asia-Pacific headcount grew from four to 87.
- • The lawsuit alleges Verition cited performance and communication concerns without specific examples or following internal disciplinary procedures; Xiang claims the real reasons were time taken to care for her ill mother and an attempt to avoid paying her bonus.
- • Verition did not respond to Bloomberg's request for comment, and the allegations have not been tested in court.
Summary
Verition Fund Management, a hedge fund manager with approximately $15bn in assets, is facing a wrongful dismissal lawsuit from its former Asia-Pacific head of business development, Xiang Liyao, also known as Elizabeth Xiang, according to a report by Bloomberg. Xiang filed a claim in Hong Kong's High Court seeking damages for lost salary, benefits, potential bonuses and reputational harm.
Xiang alleges that Verition dismissed her in June despite positive performance feedback and a significant contribution to the firm's regional expansion. She contends she was terminated without valid grounds and denied a potential 2026 bonus. Her employment formally ended in September, following three months of garden leave. 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 and later became 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, a period in which Verition's Asia-Pacific headcount rose 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 the time she took to care for her ill mother and to an attempt to avoid paying her annual bonus. She is also planning a separate discrimination claim in Hong Kong's District Court. The allegations have not been tested in court.
Xiang alleges that Verition dismissed her in June despite positive performance feedback and a significant contribution to the firm's regional expansion. She contends she was terminated without valid grounds and denied a potential 2026 bonus. Her employment formally ended in September, following three months of garden leave. 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 and later became 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, a period in which Verition's Asia-Pacific headcount rose 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 the time she took to care for her ill mother and to an attempt to avoid paying her annual bonus. She is also planning a separate discrimination claim in Hong Kong's District Court. The allegations have not been tested in court.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.