Asia's 10 largest hedge fund managers based on reported or estimated assets under management (AUM) as of March 31, 2007, according to a ranking by Alpha Magazine.

1. Sparx Group Co Ltd $6.7 billion

2. Value Partners Group $4.8 billion

3. Arisaig Partners $2.1 billion

4. Penta Investment Advisers $1.9 billion

5. Ward Ferry Management $1.8 billion

6. Lapp Capital $1.4 billion

7. Tree Line Investment Management $1.3 billion

8. Artradis Fund Management $1.2 billion

9. Tantallon Capital $1.1 billion

10. Asuka Asset Management $1.0 billion