(Bloomberg) -- American International Group Inc. Chief Executive Officer Peter Hancock hired former colleague Doug Dachille to oversee the insurer’s investment portfolio of more than $350 billion, and agreed to buy his firm.
Dachille, 51, was named chief investment officer and takes over the duties of William Dooley, who is retiring, New York- based AIG said in a statement Tuesday. The insurer will acquire Dachille’s First Principles Capital Management, which oversees about $10 billion.
Dachille helped build the derivatives group at J.P. Morgan & Co., where Hancock also worked, and held positions at the bank including co-treasurer and global head of proprietary trading. Hancock’s hiring of an investments chief is part of a management overhaul he’s undertaken since becoming CEO last year.
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