Citi Names New CIO for Wealth Management Unit

Citigroup Inc. has tapped Jeffrey Applegate to be chief investment officer of its Citi Global Wealth Management unit.

Applegate will oversee investment strategy for the unit, which comprises the Citi Smith Barney brokerage, Citi Private Bank, and Citi Investment Research. He will report to Sallie Krawcheck, chief executive of wealth management.

He joins the firm from Franklin Resources Inc.’s Franklin Templeton unit, where he was chief investment officer for global equity, fixed income, real estate, and alternative investments. Applegate was also previously chief investment strategist for Credit Suisse First Boston and Lehman Brothers.