(Bloomberg) -- Verition Fund Management has signed the lease on new premises in the heart of London’s West End, as the hedge fund joins firms ramping up efforts to make their offices more attractive to employees.

The multi-strategy manager will occupy the third floor of the 144,000 square foot (13,378 square meters) building, according to an emailed statement Wednesday from Land Securities Group Plc. Verition will move into the office after it has been fitted out. 

The property, known as Lucent, is located in one of London’s best-known locations at the intersection of Soho, Mayfair and St. James’s, behind Piccadilly Circus’s iconic LED display. It’s located less than a 10 minute walk from Verition’s existing office premises on St. James’s Street. 

“Occupying a modern workspace which contributes positively to productivity and quality of life was a key driver for us when selecting a new office,” Verition President Josh Goldstein said in the statement. 

Multi-strategy managers are locked in a fierce battle to attract and retain talent as demand for their investing services grows. Millennium Management recently rented 175,000 square feet (16,258 square meters) of office space in Mayfair following a refurbishment and expansion of the premises.  

Verition, like its multi-strategy peers, relies on teams of traders to invest across asset classes, but differentiates itself by trading niche strategies with lower capacities to manage money. 

The hedge fund has rapidly grown its assets under management to around $8.7 billion, with staff numbers now at over 500 firm-wide, according to a person familiar with the matter. Verition posted gains of 8.2% in 2023, the person said, asking not to be identified because the performance is private. 

The fund has offices in Greenwich, New York, London, Singapore, Hong Kong and more recently Dubai, where it expanded in mid-2023. 

--With assistance from Nishant Kumar.

©2024 Bloomberg L.P.