Asia’s biggest hedge fund firm is feeling the region’s pain. Sparx Group said today that its profits, assets under management and performance have all taken a dive amidst the market crisis.

The firm’s assets under management have plummeted precipitously since peaking two years ago at ¥2 trillion (US$20.4 billion). Spark said that the figure was ¥1.06 trillion (US$10.8 billion) at the end of September, and fell to ¥839.1 billion (US$8.6 billion) in October.

Sparx reported a ¥1.15 billion (US$11.6 million) fiscal first-half loss, as revenue plummeted 48% to ¥6.7 billion (US$68.5 million) in the six months ended Sept. 30. Last year, the firm posted a ¥113 million (US$1.2 million)profit. Management fees fell 28% to ¥6.1 billion (US$62.4 million) and performance fees collapsed by 73%, with Sparx earning just ¥1.2 billion (US$12.3 million) in incentives.

The firm’s flagship Japan Stocks Long Short Fund, which manages ¥2.7 billion (US$27.6 million), has done anything but live up to its nickname, “Best Alpha.” The fund lost 15% this year through Sept. 30.