Nov. 2 (Bloomberg) -- Citigroup Inc. appointed Geoffrey Dennis as its first global emerging-markets equity strategist, according to an internal announcement.

Dennis, 58, who joined Citigroup in 1999, will provide “analysis that addresses key global themes and investment opportunities,” according to the announcement.

Matthew Hickman, formerly head of Latin American equities at the asset management unit of Credit Suisse Group AG, replaces Dennis as Citigroup’s director of research for Latin America.

Signs of a global recovery have lured investors to higher- yielding assets, pushing the 22-nation MSCI Emerging-Markets Index 62 percent higher this year. Developing nation inflows have reached a record $64 billion this year, according to estimates by Morgan Stanley. The MSCI Latin America Index has gained 80 percent this year, the most since 1991.

Citigroup ranked third for equity strategy in Latin America last year, according to Institutional Investor magazine. Dennis previously worked as global emerging-market equity strategist at Deutsche Bank AG and was an economist at the Bank for International Settlements in Basle, Switzerland.

A “correction” in Latin American equities is more likely early next year than late this year, the Citigroup strategist wrote last week, reiterating a preference for Brazil over Mexico. Brazil’s Bovespa index has rallied 64 percent in 2009 while Mexico’s Bolsa gained 28 percent.

Dennis said a rebound in the U.S. dollar is the biggest risk for Latin American stocks as they head for their steepest rally in nearly two decades.

The dollar may rise against regional currencies early next year as investors anticipate an increase in U.S. interest rates by the Federal Reserve, Dennis, along with colleague Jason Press, wrote in a note to clients. There has been a “tight correlation” between a falling dollar and rising Latin American equities since 2002, they said.

Hickman was head of Latin American equities at Credit Suisse’s asset management unit for the past six years. He is a former telecommunications analyst for Bear Stearns Cos. and director of research for Latin America at Lehman Brothers Holdings Inc.

To contact the reporters on this story: James Attwood in Santiago at jattwood3@bloomberg.net; Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net;

Last Updated: November 2, 2009 15:51 EST