AIG is on the hunt for a CIO to oversee a portfolio of $357 billion in insurance assets.
The new investment chief would take on overall asset management responsibilities from Executive Vice President William Dooley, who has been with the firm since 1978, a spokesperson confirmed.
The CIO position has been vacant since 2013 when former Global Head of Asset Management Monika Machon was named treasurer for the insurance giant. During her 4-year tenure, she was responsible for all AIG insurance assets and led a multinational team of 175 investment professionals.
In her place, AIG appointed Executive Vice President Brian Schreiber and North American CIO Geoffrey Cornell as deputy CIOs, both reporting to Dooley.
Since 2013, Schreiber has been managing a $200 billion portfolio of private placements, direct investments, real estate, private equity, structured products, and hedge funds.
In May 2015, Schreiber was named chief strategy officer, tasked with managing all of AIG’s global strategic planning, M&A and divestitures, communications, and investor relations.
Cornell, on the other hand, is responsible for developing asset allocation and managing portfolios for AIG’s property casualty funds.
AIG’s funds are primarily set up to generate investment income, preserve capital, manage liquidity, and gain surplus to support its insurance products. The majority of AIG’s assets backing liabilities are intermediate and long duration fixed income, the spokesperson added.
The hunt for a CIO is the latest part of CEO Peter Hancock’s reshaping of AIG’s management. Since his appointment in September 2014, he has split the company into two divisions: one for commercial clients and the other for consumer operations.
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