A Hong Kong spokesman for the group confirmed to WealthBriefing that Mr Gammons will replace Christopher Laskowski, who moves to Chicago.

Mr Laskowski, will remain a Citigroup private equity banker, handling deals for mid-western based buyout firms and hedge funds.

Mr Laskowski spent 10 years in Asia, the last five heading up the private equity banking group.

The group is in charge of generating ideas and arranging loans for private equity firms to buy companies. These bankers, which most banks call the financial sponsors group, also help private equity firms cash out of investments and raise funds.

Though it has dropped in the last few months, Asia's private equity activity has improved considerably during the last few years. Many large US and European private equity firms have moved resources and offices to Asia hoping to capitalise on the region's growth.

Citi was top of the private equity M&A league tables in Asia last year, excluding Japan and Australia, according to Reuters. The firm did 11 deals worth $5.1 billion. In 2008 so far, Citi is ranked fourth in the league tables, with five deals worth $2.3 billion.

Mr Gammons joined Citi last year. Prior to joining, he was head of debt products group at Deutsche Bank in Hong Kong, with responsibilities for high yield fixed income and syndicated leverage finance.

Mr Gammons takes over at one of the most challenging times in the private equity industry, as the global financial crisis has restricted loans to buyers and plunging market valuations have forced many sellers to the sidelines.