Peter Carman, co-chairman of Citigroup Asset Management and global chief investment officer, is set to retire at the end of the year.

Carman joined Citibank as global head of asset management in 1997 from Putnam Investments in New York, where he headed the domestic equities group. A year later Citibank merged with Travelers Group to form Citigroup, and Carman became chief investment officer and co-chairman of the asset management business, along with Thomas W Jones of Travelers.