Citigroup Inc. said Friday that it would combine its private banking, asset management, and emerging market pension funds into a single group under the leadership of Thomas W. Jones.

The new unit will be called the Global Investment Management and Private Banking Group and will operate outside of the corporate banking umbrella under which asset management had been run.

Divisions in the new group include SSB Citi Asset Management Group, Citibank Private Bank, and Citibank Retirement Plan Services.

Todd Thomson has been named chief operating officer of the new group.

Peter Carman, who was responsible for investments at the private bank, has been named chief investment officer of the new group. Shaukat Aziz remains as head of private banking.

The move was announced to employees in a memo from co-chief executive officers John Reed and Sanford Weill. Mr. Reed and Mr. Weill said the combination would "highlight the growth in earnings that comes from stable and predictable resources."

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