Reuters first with U.S. fund T Rowe Price in talks over China buy

Reuters broke news on March 15 that U.S. fund house T. Rowe Price was in advanced talks with Citic Securities, China’s largest listed brokerage, to buy a stake in the country’s biggest asset manager. Citic owns 51 percent of China Asset, a stake worth about $1.32 billion. Under Chinese rules, T Rowe Price can buy up to a maximum 49 percent, but that would give it crucial access to China’s fast-growing fund sector. Bloomberg and Dow Jones both picked up the story with credit to Reuters.