JPMorgan Chase & Co. will continue hiring in China for its asset management business as it targets growth in the world’s second-largest economy.

Ken Griffin, whose hedge fund churned out a record $16 billion for clients last year, is increasing his focus on credit trading as he braces for a potential US recession.

Asian hedge fund firms are pouring hundreds of millions of dollars into private investments as they seek higher returns, muscling into an area that has long been the preserve of private equity and venture capital.

Ant Group Co.’s most lucrative business of consumer lending is likely to become less profitable as the financial juggernaut emerges from a six-month regulatory crackdown aimed at curbing its influence.

Vanguard Group and Ant Financial’s joint venture is rolling out a new robo advisor to target the Chinese fintech giant’s 900 million users.