Citi names Klein head of institutional clients

PHILADELPHIA, March 17 (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research) on Monday named Michael Klein, formerly co-head of markets and banking, chairman of its institutional clients group.

That group oversees markets and banking, as well as Citi Alternative Investments. John Havens will serve as CEO of the group and become chairman of Citi Alternative Investments.

Last week, Citigroup said it gave Klein $19.3 million in deferred cash and stock awards to give him an incentive to stay with the firm. He had been a dark horse candidate for the CEO spot at Citigroup, which was awarded to Vikram Pandit in December.

In his new role, Klein will work to strengthen ties with clients and build relationships with corporations, governments and institutions around the world, Citigroup said.

Havens will be responsible for the management and strategic oversight of the institutional clients group, as well as setting the strategy and direction of Citi Alternative, the company said.

Havens previously served as CEO of City Alternative. (Reporting by Jessica Hall, editing by Gerald E. McCormick)