Dachille -- who joined in 2015 when AIG acquired his firm, First Principles Capital Management -- will exit effective June 30, according to a regulatory filing. Cornell, currently AIG’s deputy CIO, will take over, a company representative said in an email Thursday.
Dachille is leaving after overhauling AIG’s portfolio during a period of tumult in the industry. He scaled back on expensive hedge fund holdings while scouting fresh ways to seek yield in a low interest rate environment. He was recruited to the insurer by former Chief Executive Officer Peter Hancock, who previously worked with Dachille at JPMorgan Chase & Co. to build the derivatives business.
Dachille was co-treasurer and global head of proprietary trading at JPMorgan before he joined Zurich Capital Markets as president. He then co-founded First Principles, which oversaw about $10 billion when AIG acquired it six years ago.
Cornell joined AIG in 1994, eventually rising to deputy CIO in 2013. Prior to assuming that role, he was the insurer’s North American regional chief investment officer.