NEW YORK--(BUSINESS WIRE)--Jul. 28, 2015--
American International Group, Inc. (NYSE:AIG) announced today that
Douglas A. Dachille, Chief Executive Officer of First Principles Capital
Management, LLC (First Principles), will become Executive Vice President
and Chief Investment Officer of AIG, succeeding William N. Dooley,
Executive Vice President, Investments, who is retiring. Additionally,
AIG is acquiring First Principles, a privately held investment
management firm. The transaction is expected to close in the third
quarter of 2015.
Mr. Dachille will report to Peter D. Hancock, President and Chief
Executive Officer of AIG, and will join AIG’s Operating Committee. Prior
to leading First Principles for 11 years, Mr. Dachille was President of
Zurich Capital Markets. He began his career at JPMorgan Chase & Co.,
where he held a variety of positions, including Global Head of
Proprietary Trading and co-Treasurer, and built the Hybrid Derivatives
business.
“We are excited to bring Doug and his talented team on board,” Mr.
Hancock said. “Doug is a leader in financial services and investments,
and has an extensive track record in all aspects of asset management,
structured finance, and risk management at global companies. The First
Principles investment team is a uniquely talented group, and their
customized asset management services align with AIG’s commitment to
providing the highest level of solutions-oriented services to clients.
“I also want to extend my deepest appreciation for all of the
accomplishments made by Bill Dooley,” Mr. Hancock said. “Bill joined AIG
in 1978 and served in many key financial management and investment roles
in his distinguished career with the firm. His guidance and leadership
will be missed, but I know he will work closely with Doug as he
transitions into his role as our Chief Investment Officer.”
First Principles, a fixed income investment manager with approximately
$10 billion of assets under management, provides customized investment
management services to institutional clients, including endowments and
foundations, corporate trusts, financial institutions, and pension
plans, as well as to family offices and private clients. First
Principles will continue to operate its business as a wholly-owned
subsidiary of AIG, headquartered in New York City. Richard F. Dolan,
First Principles’ Chief Financial Officer and Managing Partner, will
become the firm’s Chief Executive Officer, reporting to Mr. Dachille.
Mark G. Alexandridis will become the firm’s Chief Investment Officer.
Terms of the transaction were not disclosed.
American International Group, Inc. (AIG) is a leading global insurance
organization serving customers in more than 100 countries and
jurisdictions. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG companies
are leading providers of life insurance and retirement services in the
United States. AIG common stock is listed on the New York Stock Exchange
and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com
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| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International
Group, Inc. For additional information, please visit our website at www.aig.com.
All products and services are written or provided by subsidiaries or
affiliates of American International Group, Inc. Products or services
may not be available in all countries, and coverage is subject to actual
policy language. Non-insurance products and services may be provided by
independent third parties. Certain property-casualty coverages may be
provided by a surplus lines insurer. Surplus lines insurers do not
generally participate in state guaranty funds and insureds are therefore
not protected by such funds.
Additional information about FPCM can be found at www.fpcmllc.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150728005581/en/
Source: American International Group, Inc.
American International Group, Inc.
Investors:
Liz Werner,
212-770-7074
elizabeth.werner@aig.com
or
Media:
Jennifer
Hendricks Sullivan, 212-770-3141
jennifer.sullivan@aig.com