Tuesday, 24 May 2016
Last updated 9 hours ago
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.