JPMorgan’s (NYSE:JPM) asset management arm, J.P. Morgan Asset Management, is committed to its hiring plans in China as the bank seeks to capitalize on opportunities in the world’s second-largest economy.

Desiree Wang, CEO of J.P. Morgan Asset Management China, expressed confidence in China’s mutual fund industry, describing it as a crucial growth market for global asset managers. She emphasized the high potential for growth in the market.

With nearly 20 years of presence in China, J.P. Morgan Asset Management, headquartered in Shanghai, offers over 90 mutual fund products, covering equities, fixed income, and outbound investments.

Following the opening up of China’s $53 trillion financial markets to foreign firms by lifting restrictions on ownership, several companies have sought to establish joint ventures or increase control over existing ventures in the country.

Last year, JPMorgan acquired full control of its China mutual fund joint venture by buying out its local partners. Additionally, the bank purchased a stake in China Merchants Bank Co.’s wealth management subsidiary for 2.67 billion yuan.

China Merchants Bank, a leader in retail banking in China, was the first financial institution in the country to allow a foreign firm to strategically invest in its wealth management subsidiary.

Despite maintaining a stable headcount in China throughout the year, Wang stated that there are no significant downsizing plans for the asset management business in the country.

JPMorgan’s shares have gained 28.6% over the past six months, outperforming the industry’s 26.3% growth.

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