AIG puts banker in charge of asset disposal

AIG has appointed Alain Karaoglan to head up the team within the company charged with disposing of the group’s assets, the proceeds of which will be used to pay down the money owed by the group to the US federal government. In a statement, Paula Rosputh Reynolds, AIG vice chairman said that Mr Karaoglan as head of the Divestiture Office team will be responsible for bringing to market AIG’s divesting assets and managing the resulting complex transactions around the world. Mr Karaoglan, who assumed his new duties on June 29, succeeded Philip Jacobs, formerly AIG’s Global Tax Director before becoming Senior Vice President-Divestiture. Ms Reynolds said that Mr Jacobs had accepted a senior tax-related position with another company. Prior to joining AIG, Mr Karaoglan served as Managing Director-Equity Research at Banc of America Securities LLC where he was involved in both investment banking and equity research covering the insurance industry. Ms Reynolds also referred to Mr Karaoglan’s broad experience in both public market and private market transactions across all asset classes. She said that he joined AIG’s restructuring team at a critical time, and that his experience would benefit the company’s multiple stakeholders, including American taxpayers.