(Bloomberg) — American International Group Inc. is seeking a chief investment officer to oversee a portfolio valued at more than $350 billion, according to a person with knowledge of the insurer's plan.
The money manager would take over duties handled by Executive Vice President William Dooley, who is nearing retirement after working for the company since 1978, said the person, who asked not to be identified because the search process is private.
AIG has been expanding its allocation to commercial mortgage-backed securities and other structured debt amid a decline in fixed-income yields. The New York-based company had about $280 billion in bonds as of March 31, with more than half in corporate debt.
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