Paamco's David Walter does not see hedge funds clamouring to establish a China presence. Meanwhile, the Hedge Fund Standards Board is expanding into Asia, reflecting the industry's development.
With abundant capital domestically, onshore hedge funds are in no hurry to expand abroad, while mutual funds are planning launches of offshore long/short equity strategies.
Global alternatives firms are increasingly taking part in corporate private lending, entering a market previously the preserve of Asian credit and distressed specialists.
Small and start-up Asian hedge funds are struggling to stay in the game, but industry executives say there are more opportunities for them to gain a foothold and raise capital.
Institutions are taking greater interest in Asian credit hedge funds amid low interest rates, high issuance of regional credit and volatile markets.
Relative-value and credit hedge funds are seen as better bets than CTAs and macro strategies. But Dr Doom lives up to his name.