Doug Dachille, 51, was named AIG chief investment officer and takes over the duties of William Dooley, who is retiring.

(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.


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