AIG Puts Dooley in Charge of Asset Management

American International Group Inc. promoted Bill Dooley to executive vice president for investments and financial services, with overall responsibility for its asset management group.

Dooley will report to Peter Hancock, AIG executive vice president, and continue to have overall responsibility for financial services, Chief Executive Robert Benmosche said in an internal memo Thursday.

Dooley, a 32-year AIG veteran, has held several senior roles at the insurer, including senior vice president of AIG Investment Corp. and chief investment officer of American International Underwriters. He also has served as treasurer of AIG.

AIG, which is nearly 80 percent owned by the U.S. government after receiving a $182.3 billion taxpayer-funded rescue package, sold a part of the asset management business to Hong Kong tycoon Richard Li’s Pacific Century Group.

The insurer continued to manage about $509 billion of assets as part of its internal investment operation, it said in March, when the deal closed.

Monika Machon, who has been overseeing the asset management group, will continue as chief investment officer, with responsibility for global portfolio management, Benmosche said.

Machon will report to Dooley.

AIG Financial Products and its chief operating officer, Gerry Pasciucco, will also report to Dooley, Benmosche said.

Legacy assets of the Financial Products unit, which was behind the insurer’s near collapse and is being wound down, will be placed in the asset management group, Benmosche said.

Henri Coupron, who recently joined AIG as chief executive of aircraft lessor International Lease Finance Corp., will report directly to Benmosche, according to the memo.

(Reporting by Paritosh Bansal; Editing by Phil Berlowitz)

Topics AIG