Win Neuger, the executive in charge of
American International Group's
investment operation will step down from his post and focus on a narrower role as the unit he will head is readied for sale, the
Wall Street Journal
An announcement is expected in coming days that Neuger, who has been the insurer's chief investment officer for years, will leave that job, the
reports, citing people familiar with the matter.
Neuger will continue to oversee AIG's business of managing assets for external clients such as pension funds, which the firm is putting up for sale. Neuger will keep his titles as chief executive and chairman of AIG Investments, the newspaper reports.
Neuger said in an email that he isn't taking a narrower role but 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
. He said he was the founding CEO of that business and it would no longer be possible for one person to fill both roles once it is sold.
AIG, once the world's largest insurer, is in the process of liquidating assets to repay a loan of $60 billion, which is part of a $150 billion bailout from the federal government that has helped the insurer avert bankruptcy..
This article was written by a staff member of TheStreet.com.