AIG Names Douglas Dachille Chief Investment Officer; AIG Acquires First Principles Capital Management
July 28 2015 - 8:30AM
Business Wire
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 |
YouTube: www.youtube.com/aig | 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150728005581/en/
American International Group, Inc.Investors:Liz Werner,
212-770-7074elizabeth.werner@aig.comorMedia:Jennifer Hendricks
Sullivan, 212-770-3141jennifer.sullivan@aig.com
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