Verition Fund Management’s head of fixed income, Jonathan Raiff, has left the multi-strategy hedge fund and is joining rival firm Schonfeld Strategic Advisors, according to a report by Bloomberg citing unnamed people familiar with the matter.

Raiff’s departure comes as macro and fixed-income investors contend with heightened volatility across bond markets, driven by changing inflation expectations, interest-rate policy and geopolitical developments.

The report cites one person familiar with the matter as revealing that Verition plans to distribute responsibility for Raiff’s former role among several members of its investment team.

The firm, which managed about $15bn as of July, reportedly declined to comment, while Raiff reportedly did not respond to requests for comment.

Raiff joined Verition in 2022 after spending more than two decades in investment banking and markets. At Verition, he was responsible for macro investments alongside relative-value, foreign-exchange, rates and structured-products strategies.

Before moving to Verition, Raiff served as deputy head of global markets at Nomura. He left the Japanese bank in 2021 following losses related to the collapse of Archegos Capital Management, which caused significant disruption across the prime-brokerage industry.