Stark & Roth LLC has announced that it will reduce its workforce in a “series of staff reductions.”

According to The Business Journal, the St. Francis, Wisconsin-based hedge fund will begin by eliminating 28 employees this week. The company will also close three of its hedge funds — Shepherd Investments International, Shepherd Guardian and Stark Investments — as a result of its dwindling AUM.

In total, Stark & Roth plans to eliminate 59 positions. It is currently unknown when the remaining jobs will be removed.

Unlike most companies within the financial sector, Stark & Roth’s previous layoffs have not excluded senior management. In fact, The Business Journal reports that the last time Stark & Roth announced a round of layoffs, the company removed five of its 15 principal executives — including former Chief Executive Officer Colin Lancaster. Those layoffs occurred in 2010 after months of declines. In the two years leading up to Lancaster’s removal, Stark & Roth’s AUM dropped 69 percent. At the same time, the company’s workforce declined by 50 percent.

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