AIG Names Douglas Dachille Chief Investment Officer

(RTTNews) - American International Group, Inc. (AIG) announced that Douglas A. Dachille, Chief Executive Officer of First Principles Capital Management, LLC , will become Executive Vice President and Chief Investment Officer of AIG, succeeding William Dooley, Executive Vice President, Investments, who is retiring.

Additionally, AIG is acquiring First Principles, a privately held investment management firm. Terms of the transaction were not disclosed. The transaction is expected to close in the third quarter of 2015.

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.

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 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.