The rivals are teaming up to provide middle- and back-office services to brokers in Asia-Pacific. They say costs have reached a tipping point and see this as a game-changer.
New Hong Kong-based start-up Cathay Conning Asset Management outsources its middle and back office to Citi.
The bank promotes Cheeping Yap to head of fund services for Asia. It also adds a regional head of transfer agency and seeks to create two additional Asia head roles this year.
Asia funds veteran Stewart Aldcroft has left the Hong Kong asset manager to assume the post previously held by Chris Ryan at Citi.
JP Morgan (asset servicing), Morgan Stanley (prime broking) and Credit Suisse (execution and trading) are named the best in Asia-Pacific.
Endre Markos joins from Bloomberg to take up the newly created role in Hong Kong.