AIG chief to step down

[sajiv]

Washington: American International Group Inc Chief Investment Officer Win Neuger will step down from his post and focus on a narrower role at the company, the Wall Street Journal said, citing people familiar with the matter.

An announcement is expected in coming days that Neuger, who has been the insurer's chief investment officer for years, will leave that job, according to the paper.

Neuger will continue to oversee AIG's business of managing assets for external clients such as pension funds, and will also keep his titles as chief executive and chairman of AIG Investments, the paper said.

AIG, once the world's biggest insurer by market value, averted bankruptcy in September last year with an USD 85 billion federal bailout, which later swelled to about USD 152 billion. The company has started selling assets to raise funds to repay a part of the government bailout.