A veteran gatekeeper within AIG's $96 billion variable annuity and life insurance business VALIC has departed from the firm, Citywire has learned.
Kelly Johnson had been with VALIC, which stands for Variable Annuity Life Insurance Company, for 20 years and was vice president of investments in group retirement. He left in January.
Houston, Texas-based VALIC is a subsidiary of insurance giant AIG, which specializes in tax-qualified retirement plans, supplemental tax-deferred and after-tax investments, had more than $96 billion in assets under management as of November 2017.
As the vice president of investments, Johnson led a due diligence team that provides fund and subadvisor selection and monitoring as well as request for proposal assistance. He first joined AIG as a fixed income analyst in April 1999, according to his LinkedIn page.
The team, which was formed in 1999 when VALIC began to offer standalone mutual funds beyond its variable annuity platform, consisted of Johnson, Mark Draud and Robynne Parry who were all responsibole for due diligence on the mutual funds and the variable annuity platforms. Johnson became part of the team in 2000.
On the annuity side, Johnson, Draud and Parry supported senior investment officer John Packs by selecting, monitoring and replacing subadvisors with the board’s ultimate approval. Other team members, including Tam Nguyen, Jessica Dean, Krystina Hawkins and Rick Logue, also contribute to this process.
An AIG spokesman declined to comment on personnel changes or whether the firm has found a replacement for Johnson.