What Americans are looking for in Asian alternatives

New York based alternatives manager StoneWater Capital runs the fund of funds which, according to data providers, had the highest return in Asia during 2010. StoneWater Capital Asia (ex-Japan) returned 27.9% in 2010, after a 57% return in 2009. It's a firm whose assets largely derive from US-based investors. By its own admission, the firm had a tough crisis. In 2008 it was running $230 million, but due to losses and redemptions its assets fell to $60 million. Remaining at the helm…