Patrick Fanning, a director at Citigroup Inc.’s transition management team in Australia, has left the company to work for rival JPMorgan Chase & Co.

Fanning will replace Jim Karelas. Karelas started a new job yesterday at ConvergEx Group. ConvergEx provides software and technology to asset managers and financial institutions. Karelas will head transition management in Asia-Pacific and be based in Sydney.

“He’s a very good lad,” says Karelas of Fanning.

Citigroup plans to replace Fanning.

Fanning was a member of Citigroup’s five-member transition management team, headed by Michael Jackett-Simpson, that helps superannuation funds transfer assets between fund managers to minimise market impact.