American International Group (AIG) has named a new investment officer and is buying the new executive’s firm.
Douglas A. Dachille, chief executive officer of New York City-based First Principles Capital Management, LLC, will become executive vice president and chief investment officer of AIG, succeeding William N. Dooley, who is retiring.
AIG said it is acquiring First Principles, a privately held investment management firm. The transaction is expected to close in the third quarter of 2015. Terms of the deal were not disclosed.
Dachille will report to Peter D. Hancock, president and CEO of AIG, and will join AIG’s Operating Committee. Prior to leading First Principles for 11 years, Dachille was president of Zurich Capital Markets. He began his career at JPMorgan Chase & Co., where he held a variety of positions, including global head of Proprietary Trading and co-treasurer, and built the hybrid derivatives business.
According to the announcement, First Principles, with approximately $10 billion of assets under management, will continue to operate as a wholly-owned subsidiary of AIG, headquartered in New York City. Richard F. Dolan, First Principles’ chief financial officer and managing partner, will become the firm’s CEO, reporting to Dachille.
Mark G. Alexandridis will become the firm’s chief investment officer
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