Citigroup appointed Jeffery Applegate as chief investment officer for global wealth management.
Applegate joins the firm from Franklin Templeton, where he occupied the position of CIO for the global equity, fixed income, real estate and alternative investments divisions.
He will be based in New York and will report to Sallie Krawcheck.
His appointment comes as part of an overhaul of Citigroup’s global wealth management unit, which is being conducted by the firm’s former chief financial officer.
Krawcheck was given his new role in January following the departure of Todd Thomson, who left amid concern from shareholders over Citigroup’s share price.
In turn, Applegate replaces Paul Guidone, who departed Citigroup in April this year.
News of his hire follows Citigroup last week reporting that it has posted a 23% increase in profit from global wealth management.
The improvement came despite a 57% drop in profits across the company.