Citigroup just named a new head of a $390 billion unit

Citigroup has named David Ballin as the global head of investments for its private banking unit.

The group, which generated $2.9 billion in revenue over the past 12 months, manages $390 billion in assets for some 10,000 high net worth and ultra-high net worth clients.

Ballin previously served as the global head of managed investments for Citi Private Bank.

"Over the past eight years, David has demonstrated an enormous amount of passion and enthusiasm for the Private Bank and its clients," said Peter Charrington, the global head of Citi Private Bank, in a statement.