Battered in Sydney

Hedge funds struggle on the Australian Securities Exchange.

This year has been a tough one to be a listed investment fund on the Australian Securities Exchange, and hedge funds have been no exception. The publicly listed, Sydney-based fund-of-hedge-funds manager Everest Babcock & Brown Alternative Investment Trust, for instance, has performed so badly that its parent firm, Everest Capital Investment Management, has proposed delisting the trust and operating it as a wholesale fund.

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