American International Group Inc. said Tuesday that it is buying
First Principles Capital Management LLC and tapped the
private-investment management firm's top executive as its new
investment chief.
First Principles CEO Douglas A. Dachille will succeed William N.
Dooley, 62 years old, who is retiring after nearly 40 years with
AIG. Mr. Dachille, who is 51, will also become executive vice
president.
Mr. Dachille has led First Principles for 11 years and
previously was president of Zurich Capital Markets. He began his
career at J.P. Morgan Chase & Co.
First Principles, a fixed-income investment manager with about
$10 billion in assets under management, serves clients, including
endowments and pension plans.
The acquisition is expected to close in the third quarter of the
year. First Principles will operate as a wholly owned subsidiary of
AIG. Terms of the deal weren't disclosed.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com and Leslie
Scism at leslie.scism@wsj.com
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