BusinessWeek- Assets invested in Asia-focused hedge-fund strategies fell about 10% in the first quarter of 2008, with industry assets under management plummeting from $110 billion to $100 billion, according to Chicago-based Hedge Fund Research.

Net allocations to Asia-only strategies also decreased in the first three months of the year, although net allocations to global emerging-market strategies, which include Asian markets, increased by $1 billion.

On a global basis, the hedge-fund industry attracted a net of $16.5 billion in the first quarter (versus receiving $194 billion throughout 2007), with total capital under management virtually flat over the quarter at $1.9 trillion.

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