American International Group (AIG) has appointed Douglas Dachille to succeed the retiring William Dooley as the insurer's chief investment officer and executive vice-president.
In addition, AIG announced it will acquire Dachille's current employer, First Principles Capital Management, where Dachille has served as chief executive for 11 years. The deal is expected to close in the third quarter of 2015 but the terms of the transaction were not disclosed.
Dachille will report to AIG president and chief executive Peter Hancock, and will join the insurer's operating committee. Prior to leading First Principles, a fixed income investment manager, Dachille was president of Zurich Capital Markets.
"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," Hancock said.
"The First Principles investment team is a uniquely talented group and their customised asset management services align with AIG's commitment to providing the highest level of solutions-oriented services to clients."
First Principles, which has approximately $10bn of assets under management, provides 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. Chief financial officer Richard Dolan will succeed Dachille as chief executive, reporting to Dachille, and Mark Alexandridis will become chief investment officer.