American International Group has acquired money manager First Principles Capital Management, said AIG spokeswoman Jennifer Sullivan. Financial terms of the deal were not disclosed.
As part of the deal, First Principles CEO and Chief Investment Officer Douglas A. Dachille was named executive vice president and CIO of AIG. He replaces William N. Dooley, executive vice president, investments, who is retiring.
Mr. Dachille will join AIG’s operating committee and report to Peter D. Hancock, president and CEO of AIG.
The transaction is expected to close in the third quarter of 2015, and the management transition is expected to be complete by the end of 2015, at which point Mr. Dooley will retire.
Once the transaction is complete, First Principles will become a wholly owned subsidiary of AIG. First Principles employees will continue to work out of their current office locations.
First Principles has approximately 20 employees. Ms. Sullivan said this transaction will not result in staff additions or reductions.
Richard F. Dolan, managing partner and chief financial officer at First Principles, will become the firm’s CEO. Mark G. Alexandridis, First Principles’ managing director, asset management, will become the firm’s CIO.
First Principles is a fixed-income manager with about $10 billion of assets under management.
