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Hedge funds gang up on Babcock

The Australian- The shares of Macquarie Bank’s most ardent and successful imitator, Babcock & Brown, and several of its satellites, plumbed new depths yesterday as Barclays lost faith in the group.

Shares in Babcock’s headstock have slumped from $16 to $9.50 in just three weeks and many market observers believe the group’s large debts are being tested by hedge funds.

"It has fallen about 35 per cent over the past three weeks," Patersons Securities senior private client adviser Tony Tascone said yesterday.

It appeared Babcock & Brown was being shorted by hedge funds, he said.

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