Citic Securities is under regulator's orders to reduce its 100% stake in Beijing-based China Asset Management (China AMC) to 49% or below by April. The China Securities Regulatory Commission gave China AMC a final warning to that effect on December 31 and will freeze approvals for new fund-raising efforts by the asset manager until it happens.
One obvious potential buyer of the stake is non-committal. Todd Ruppert, president and chief executive of Baltimore-based T Rowe Price Global Investment Services, won't rule out taking part in the China AMC fire ...