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US Fund Manager To Buy Stake In China AMC
T Rowe Price, the US-based fund management company, is in
advanced talks to purchase a stake in
China Asset Management Co, sources cited by Reuters
reveal.
Chinese regulators had told Citic Securities to let go of its 51
per cent interest in China Asset Management, which has been
estimated to be worth over 9 billion yuan ($1.32 billion). Under
Chinese law, foreign investors can own only up to 49 per cent of
a Chinese fund firm.
It remains unknown how big a stake T Rowe is interested in. China
AMC manages over 260 billion yuan and contributes greatly to
Citic Securities' revenue.
T Rowe Price had declined to comment on the matter.
