AIG Investment Chief To Move Aside As Asset Management Unit Readied For Sale

Nick Parmee

21 January 2009

Win Neuger, currently US insurer AIG’s chief investment officer, is about to step aside as part of the unit is readied for sale, according to the Wall Street Journal, citing people familiar with the matter.

Mr Neuger will continue to oversee the asset management business, which the firm is putting up for sale, while keeping his titles as chief executive and chairman of AIG Investments, the newspaper reports.

Mr Neuger has said in an email that the sale of the asset management business necessitates all investment personnel moving to one side of the business or the other, according to the WSJ. He said he was the founding chief executive of that business and it would no longer be possible for one person to fill both roles once it is sold.

AIG is in the process of liquidating assets to repay $60 billion, part of a $150 billion bailout from the federal government. The group has recently sold its Swiss-based AIG Private Banking operation.