Asian hedge funds are doing better, and investors are rewarding them, according to a new study from Greenwich Associates.

Some 63% of Asia-Pacific hedge funds boasted returns of better than 10% last year. That’s roughly the same portion as in 2006, when 62% enjoyed double-digit returns. But it’s substantially better than its counterparts in other regions of the world.

Just over half of U.S. hedge funds returned in excess of 10% last year, down from 64% the year before. In addition, more than one in 10 U.S. hedge funds posted a negative return in 2007. European hedge funds did even worse: Only 46% were in double-digits last year, a feat achieved by 53% in 2006.

The strong performance kept investors happy: Net annual redemptions from Asian hedge funds were just 15% last year, down from 22% a year earlier. By contrast, the European and U.S. suffered roughly 25% net redemptions.