Douglas DachilleAIG has hired fixed-income veteran Douglas Dachille as its new CIO, inheriting the insurance giant’s $357 billion portfolio from retiring chief Bill Dooley.
Dachille, co-founder and CEO of fixed-income manager First Principles Capital Management, will report to AIG President and CEO Peter Hancock.
The insurer has also agreed to buy Dachille’s firm, which manages $10 billion. The deal is expected to close in the third quarter of 2015.
“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,” said Hancock in a statement.
The CEO added Dooley—who is retiring after nearly 40 years with AIG—would help Dachille transition into the CIO role.
Prior to co-founding First Principles in 2003, Dachille served as president of Zurich Capital Markets.
The new CIO also spent a significant portion of his career at JP Morgan where he headed global proprietary trading and worked as co-treasurer.
In addition, Dachille was responsible for building the bank’s hybrid derivatives business under the derivatives group Hancock ran at the time.
Dachille has a bachelor of science from New York-based Union College and was a Pew Scholar in Medicine, Arts, and Social Sciences at the University of Chicago.
He will give up his CEO title at First Principles by taking the CIO position at AIG, the insurer said.
Related: AIG to Hire CIO for $357B Portfolio