At the end of the month, finance and insurance giant AIG will have a new Chief Investment Officer. The company’s current CIO, Douglas Dachille, will relinquish the role he has held since 2015 to his deputy, Geoff Cornell.
Cornell will helm AIG’s booming investment business and oversee its more than $350 billion portfolio. The company’s investment income made up a significant part of AIG’s profit improvement last quarter, as the company’s total net investment income rose 46% to $3.66 billion.
Cornell is a long-serving AIG employee (he first joined the company in 1994) and has been in his current role as Deputy CIO since October 2013. Over the past eight years he has overseen some of the company’s public market portfolios, which include high-grade and high-yield corporate debt, municipal securities, and investment strategy and sovereign research.
Dachille exit is a big loss for AIG as he is credited with overhauling AIG’s portfolio, according to Bloomberg. A bond expert, Dachille reduced AIG’s hedge fund holdings in search of other investments to capitalize on a low interest rate environment.
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