NEW YORK -- Citigroup Inc is forming an "alternative asset group" within its investment bank to cater to private equity and infrastructure funds, combining two of its units, the Wall Street Journal said, citing an internal bank memo.

Chad Leat, a vice chairman in Citigroup's investment bank, will be the chairman of the alternative asset group, while Brad Coleman, head of its U.S. "financial entrepreneurs group" will be the new division's chief executive, the report said.

Citigroup representatives were not immediately available for comment.

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