As the global economy undergoes a structural shift to find its new level in the wake of the liquidity crisis, and as developing economies pick up the pace while markets in the West falter,

As the global economy undergoes a structural shift to find its new level in the wake of the liquidity crisis, and as developing economies pick up the pace while markets in the West falter, large hedge fund managers are seeking the best opportunities - and these opportunities seems to be in Asia.

These managers, somewhat more dynamic investors than the traditional investment firms, have been eyeing Asian opportunities for some time. For example, Blackstone's newly-established Altius Advisors business is reported to be launching its inaugural standalone Asia fund in October.

Hong Kong-based Altius is understood to be seeking to raise between USD500m and USD1bn for the fund, which will seek returns from investment in Asian companies involved in M&A, bankruptcies and restructurings.

It's not only Blackstone that is showing interest in Asia. Tribridge Investment Partners and HSBC Halbis Capital Management have unveiled plans for new hedge funds, while ADM Capital plans to raise almost USD1bn for existing funds. KGR Capital has also indicated that it is mulling a launch and fundraising drive.

A recent Deutsche Bank survey said that cash levels among hedge funds are high as investors take a 'wait and see' approach. For some at least, the wait now seems to be ending.