ST. FRANCIS, WI (WTAQ) - Hedge fund manager Stark & Roth LLC has notified the state is plans to cut almost 60 jobs by the end of the year.

The St. Francis-based investment firm says it is curtailing its multi-strategy hedge fund business.

The terminations are expected to hit portfolio managers, lawyers, accountants and a managing director. They will come in four stages, starting July 17th, or a few days after that date.

The company notified clients in a letter mailed last month it is closing the multi-strategy funds because the assets being managed have fallen off.

Stark says it plans to continue to manage single-strategy funds.