Hedge funds have raised more than US$100 billion through asset flows from investors in 2013 despite underperforming equity markets, according to the data from Eurekahedge.

The data reported that total assets in the hedge fund industry stand at US$1.91 trillion by end of 2013.

According to Eurekahedge, assets in Greater China focused funds have reached US$12.9 billion, while the Asia ex-Japan hedge funds have surpassed the underlying markets by more than 5%.

Eurekahedge data showed that the average Japanese hedge funds were up 22.68%so far this year compared with just 6.7% for the average European-focused fund and 7.4% for US-focused funds.

The data also found that Japanese hedge funds were also up by 0.85% outperforming the Nikkei 225 which was down 0.88% during the month.

Multi-strategy and long/short equity managers were at the top by posting gains of 1.82% and 1.77% respectively as underlying equity markets rebounded following a resolution of the US fiscal impasse.

According to Eurekahedge, European hedge funds were up 1.67% while North American hedge funds were up 1.36% in October during the month.

Eurekahedge said that the new money has come from pension funds and other large institutional investors which have been steadily increasing their exposure to hedge funds in recent years.