We generalize the integrable Heisenberg ferromagnet model according to
each Hermitian symmetric spaces and address various new aspects of th
e generalized model. Using the first order formalism of generalized sp
ins which are defined on the coadjoint orbits of arbitrary groups, we
construct a Lagrangian of the generalized model from which we obtain t
he Hamiltonian structure explicitly in the case of CP(N - 1) orbit. Th
e gauge equivalence between the generalized Heisenberg ferromagnet and
the nonlinear Schrodinger models is given. Using the equivalence, we
find infinitely many conserved integrals of both models.