Wednesday, 28 September 2016
Last updated 13 hours ago
Apr 15 2013 | 11:32am ET
Stark Investments, which once managed more than $14 billion, is closing its doors.
The St. Francis, Wis.-based hedge fund disclosed in a Securities and Exchange Commission filing last month that it would wind down all but one of its funds and eventually return all outside capital. Among the casualties are all of the Deephaven Capital Management funds Stark acquired four years ago.
Stark's assets have dwindled to just $2.1 billion. The firm said it expects to lay off most of its remaining employees; Stark had 54 staffers—down from upwards of 400 in 2008—at the end of December.
Stark, which last year shuttered its multi-strategy hedge funds, said it could take some time to liquidate some of its funds due to their illiquid holdings.
Only the Stark Energy Investors fund will survive the liquidation, Stark said.