The major European markets finishing Tuesday solidly in the green, as investors stayed relatively calm in wake of Friday's terrorist attacks on Paris.

Read MoreEurope ends up 2.5%; energy, autos, jump

Steven Wieting, global chief investment strategist at Citi Private Bank, told CNBC's "Power Lunch"  there is no compelling reason to re-position portfolios defensively right now. 

"Investors who get sidelined by volatility should not see this as a reason to flee into Treasury bills," said Wieting. "Long term, we still like Europe. The eurozone is a high beta play on recovery with a longer runway for improvement." 

One way Wieting is taking advantage in the region is on a currency-hedged basis. "It is worthwhile to hedge the euro, given the area should outperform for the next few years." 

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Outside of Europe, Wieting is underweight parts of the developed world, including Canada and Australia.   Among the emerging markets, he is underweight Brazil. 

Citi Private Bank has $260 billion in assets under management as of September 2015.