HEDGE FUNDS - Sheltered Asian assets rise rapidly in appeal

Hedge funds seeking to escape hard-hit western markets have increased exposure to Asia's high-growth economies. Equity-linked strategies predictably have attracted most attention, while a lack of emphasis on credit has shielded many from the recent costly crunch. But as managers acknowledge, copycat positioning raises further risks for the region's liquidity. Rupert Walker inspects the industry and interviews five of Asia's leading protagonists.