American International Group Inc. (AIG) announced that Monika M. Machon will replace Win J. Neuger as AIG's investment chief. Mr. Neuger plans to go with the company's external client asset management business when it is sold, a spokesperson said.

Ms. Machon, who will become AIG senior vice president and chief investment officer, will be responsible for insurance company portfolio management across all asset classes, the company explained.

She joined AIG in 1998 and is presently the global head of Fixed Income for AIG Investments. She also serves as chairperson of the board of AIG Investments Europe Ltd. Previously, AIG said, she was portfolio manager and head of emerging markets debt. She has more than 27 years of broad fixed income experience in the United States and overseas.

Mr. Neuger, who will continue as AIG Investments chairman and chief executive officer, will also lead the management team of the external client asset management business that AIG intends to sell.

AIG spokesperson Christina Pretto noted that AIG has already announced it is positioning its sizable external client asset management business for sale.

She said Mr. Neuger joined AIG over a decade ago in large part to build up the external client asset function, "and so he intends to go with that business when it is sold." Ms. Pretto added, "He'll oversee the management of that business as it's positioned for sale."

The company also announced that Jeffrey J. Hurd, currently AIG Investments senior managing director, chief administrative officer and general counsel, has been named senior vice president and head of asset management restructuring, responsible for the sale of AIG's external asset management business and the restructuring of AIG's asset management function. He will retain his current responsibilities prior to the sale, AIG said.

Mr. Hurd joined AIG in 1998 in the Corporate Legal Department and was named general counsel of AIG Investments in 2003.

AIG chairman and chief executive officer Edward J. Liddy said in a statement, "These changes will allow AIG to proceed quickly and thoughtfully with the sale of the external client asset management and life insurance businesses. In addition, under Monika's leadership, we will build on our commitment to a strong asset management function for AIG."

Special Reports /

Neuger To Leave With AIG Unit Sale; Machon To Replace

Related Stories

Recommended For You