BALTIMORE ( TheStreet) -- T. Rowe Price ( TROW) is in advanced talks to buy a stake in China Asset Management, China's biggest asset management firm, Reuters reports. T. Rowe Price has been in talks with Citic Securities, the owner of China Asset Management, for months and completed its due diligence, Reuters reports, citing two sources with direct knowledge of the deal. Citic, the biggest listed brokerage in China, has been told by regulators to sell a 51% stake in China Asset Management, one of the sources said, in a deal that could be worth more than 9 billion yuan ($1.32 billion). Citic said over the weekend it would sell part of its holdings in China Asset Management to bring it in line with regulatory requirements, as it seeks licenses in areas such as margin trading and short-selling, Reuters reports. It wasn't clear, Reuters notes, how big a stake T. Rowe Price may buy or what other buyers may be in talks with Citic. Foreigners can own a maximum of 49% of a Chinese fund house. -- Written by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.