In contrast to their Western peers, Asian managers are finding the Chinese market good for returns, while some domestic investors in current regional darling Japan are selling stocks.
Lehman's hedge fund clients have only started to regain assets that have been frozen for nearly five years, with the bank's crash precipitating changes in custody arrangements.
Some 40% of Asian institutions plan to invest in hedge funds, but global and large-sized strategies are most likely to see the biggest inflows, a Preqin survey indicates.
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.
The SkyBridge Alternatives Conference returns to Singapore this month, with a wider range of global topics to be covered at the hedge fund capital introductions event.
Relative value managers raced to short their Treasury positions after the US Fed hinted at tapering in May, borrowing from the repo market. But demand saw hedging costs spiral.
Hedge funds reversed course from June's negative returns, with Asia ex-Japan managers leading the way last month, but they are still overshadowed by Japan fund gains for 2013.
The former Hong Kong head of Lehman Brothers, Kirk Sweeney, is tipped to be taking over as Asia chief executive at US hedge fund Millennium Management.