Citigroup has appointed Niraj Shah as co-head of industrials for its corporate and investment banking in Europe, Middle East and Africa.

Reuters reports that Shah will work alongside Michael Parker and Koen van Velsen leading the EMEA industrials group, with a focus on investment banking activities, Citi said in a staff memo on Monday.

In the meantime, Bloomberg News reports that the fund manager who set up Goldman Sachs Group Inc.’s India-focused equity fund in 2006 is set to start one of his own after managing money at the U.S. bank for more than 17 years.

Prashant Khemka, who oversaw $5.3 billion in emerging-market assets until his departure in April, plans to launch two long-only, absolute-return funds for investing in Indian shares. An eight-member team is being assembled and the new company, named White Oak Capital, will start operations by August, the 45-year-old said in a phone interview.

Citigroup appoints Shah to co-head EMEA industrials

Goldman Sachs Veteran Asset Manager to Start Own India Fund