Stark To Slash Half Of Staff

Jul 9 2012 | 7:12am ET

Stark Investments is closing three of its five hedge funds—and cutting about half of its staff as a result.

The St. Francis, Wisc.-based firm will lay off 59 employees by the end of the year, it said in a filing with Wisconsin regulators Friday. Stark had 120 employees at the end of last year.

It also had many, many more assets in December than now; the $8.9 billion it reported as of Dec. 31 has fallen to less than $1 billion. Last month, the firm told clients that it would close three hedge funds, including its flagship, due to the decline in assets under management.

According to the filing, Stark will begin the staff reductions on July 17 or slightly later. The layoffs will occur in four stages; those set to face the ax run the gamut from portfolio managers, a managing director and its chief risk officer to lawyers and accountants.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of