AIG Replaces Chief Investment Officer

 

Thursday, Mar 05,2009, 1:56:18 PM   Click:

AIG Replaces Chief Investment Officer Alyn Ackermann
American International Group Inc. has replaced its head of investment, the company said.

Monika M. Machon was named AIG Senior Vice President and Chief Investment Officer, responsible for the insurance company portfolio management in all asset classes.

She succeeds Neuger Win, who retains his post as president and CEO of AIG Investments, which manages client assets, "said spokesman Joe Norton AIG.

"It will be team leader of customer management of external asset management that AIG plans to sell," said Norton. He would not comment on what the status Neuger will, when the company is sold.

Machon will report directly to AIG President and CEO Edward J. Liddy. Machon joined AIG (NYSE: AIG) in 1998 and is currently the global head of fixed income securities of AIG Investments and serves as chairman of the board of AIG Investments Europe SA

AIG Investments AIG operated program lending. It has become a major cash flow problems that forced the insurer to the brink of bankruptcy in September, when the federal government has strengthened with a rescue plan that has increased by $ 150 billion . AIG is selling assets to help the resumption of loans rescue plan.

In addition, Jeffrey J. Hurd, AIG Investments, who is Director General, Chief Administrative Officer and General Counsel, was appointed Senior Vice President and Chief of the restructuring, which is responsible for the sale of AIG's external asset management and the AIG restructuring of the management of assets. He will report to AIG Vice President Paula R. Reynolds. Hurd will retain his current responsibilities before the sale.

AIG Investments has invested a large part of the collateral for the loans it has received securities in securities backed by mortgages, for which there is no market, which declined sharply in value, forcing AIG to return to counterparties in cash.

The New York Federal Reserve Bank has lent an entity created under the reform of the rescue plan approved in November, $ 19.8 billion to AIG which has added more than $ 6 billion to settle the transactions and the end program lending (BestWire December 16, 2008).

AIG Investments has also laid off 7% of its workforce in the world (BestWire, Dec. 16, 2008).

Most of AIG insurance subsidiaries have a current Best financial strength rating of A (Excellent) with a negative outlook.

AIG share was $ 1.40 in trading on the afternoon of January 20, down 0.70% from the close.


Copyright © 2009 hours Best Company, Inc. American International Group Inc. has replaced its head of investment, the company said. Monika M.