Cathay Conning gives Citi the grunt work

Cathay Conning Asset Management has begun operations in Hong Kong by outsourcing its middle office to Citi. It made the decision in part because of the speed with which Citi could get its operations up and running. According to Citi, its securities and fund services unit was able to deliver a full-service outsourcing service in a five-week timeframe, from a standing start to active trading, which the bank says is a record for the region. Mark Konyn, CEO of Cathay Conning, says c…