CITIC Securities Co, a major Chinese brokerage, said yesterday that it had won regulatory approval to take control of two fund management firms. The company won permission to buy the 51 percent it does not already own in CITIC Fund Management Co from three Chinese firms, it said in a statement. The brokerage, an arm of China's largest financial conglomerate, China International Trust and Investment Corp, will also buy 20 percent of China Asset Management Co from Beijing Securities, raising its stake to 60.73 percent.

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