Bacon will lead the Asia-Pacific investments business, including asset allocation, product advice and execution across capital markets and managed investments, the firm said in a statement.
He will remain based in Hong Kong and will report to Eduardo Martinez Campos, global head of investments and Bassam Salem, Asia-Pacific CEO at Citi Private Bank.
Bacon has been the head of managed investments and advisory for Asia-Pacific since 2010.
Prior to Citi, he was the head of the hedge fund business with Union Bancaire Privée in London and has also held roles with the Rothschild Family Office and JP Morgan Fleming Asset Management.
His predecessor, So-Yon Sohn, has moved to a new role in the global markets and investor sales team within Citi.
His post will be filled by Adam Proctor, who will relocate to Singapore in the coming months, the firm noted.
In his new role, Proctor will oversee the build-out of all product-based, portfolio management and advisory solutions in the region.
He was previously Citi's global markets manager of the global client program and a senior private banker based in London.
Proctor joined the Citi Private Bank in 2008 as a private banker and became the UK banker team leader for UHNW clients in 2012. Prior to Citi, he was with Barclays Private Bank in London and Bristol.
He will report to Bacon and David Bailin, global head of managed investments.