SINGAPORE - Asian hedge-fund managers are missing out on the cash flooding into the world's fastest-growing region, leading some to close funds or defer new offerings.

Singapore-based Amoeba Capital Partners Pte, run by the former head of Asian investments at Morgan Stanley's asset-management unit, is returning money to investors in its stock hedge fund, citing "tough" industry conditions.

Michael Coleman, co-manager of the $1.3 billion Merchant Commodity Fund, in June also shelved plans to raise money for an equity hedge fund.