Citigroup has recruited Edward Kelly as president of the bank’s alternative investments unit just six months after he joined US private equity firm The Carlyle Group to set up a team focused on financial institutions.

Kelly, previously chairman, chief executive and president of bank holding company Mercantile Bankshares, and David Zwiener, former president of Hartford Financial Services Group, joined Carlyle in July last year to lead a new dedicated division to take stakes in banking and insurance companies. Carlyle was unavailable to comment.