AIG Names Douglas Dachille Chief Investment Officer; AIG Acquires First Principles Capital Management
NEW YORK–(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.
“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.”
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.
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.