Francesco Martorana was named head of investments at Generali Investments, a spokeswoman said.
Mr. Martorana starts on Oct. 2, replacing Anna Khazen, who left the company. Ms. Khazen's plans are not known.
Mr. Martorana will lead a team of 85 investment professionals in Paris, Trieste, Cologne and Milan.
Mr. Martorana was previously head of group asset liability management and strategic asset allocation. His replacement has not been announced, the spokeswoman added.
Anna Maria Reforgiato Recupero also joined Generali Investments as head of insurance and liability-driven investors solutions. The position is new. She will focus on asset management and advisory services for insurance companies and pension funds.
She had been executive director, investment and saving solutions, at Morgan Stanley. A spokesman was not available to comment about a replacement.
Generali Investments had €452 billion ($515.7 billion) in assets under management at the end of June.