American International Group hired on a veteran of JPMorgan Chase and Zurich Capital Markets as its new chief investment officer.
Douglas Dachille’s full title will actually be executive vice president and chief investment officer. He’ll be replacing William Dooley, executive vice president, investments, who is retiring.
Dachille is CEO of First Principals Capital Management, a fixed income manager with about $10 billion of assets under management that provides customized investment management services to institutional clients. As part of bringing Dachille on board, AIG also plans to acquire First Principals. While financial details aren’t being disclosed, the deal for the privately held investment outfit will close in the 2015 third quarter. First Principals will continue to operate its business as a wholly owned subsidiary of AIG and be based in New York City, according to the announcement.
Once Dachille steps away from First Principals, Richard Dolan, the firm’s CFO and managing partner, will become its new CEO and report to Dachille.
Before coming to AIG, Dachille was president of Zurich Capital Markets for a number of years. Previously, he also held a variety of executive positions at JPMorgan Chase & Co., including global head of proprietary trading and co-treasurer. While there, he also built JP Morgan’s hybrid derivatives business.
Dachille will report to AIG President and CEO Peter Hancock. In a statement, Hancock said Dachille is “a leader in financial services and investments.” He added that the First Principals investment team is “a uniquely talented group.”