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AIG Slashes Four Real Estate Investment Pros

NEW YORK CITY—Among those who got the axe was division CEO Robert Gifford.

By Rayna Katz | Updated on December 03, 2015

NEW YORK CITY—American International Group has cut four executives from its real estate investment division, including Robert Gifford, the group’s CEO, who has been with AIG since 2009, according to PERE. Douglas Tymins, the president of AIG Affordable Housing, is replacing Gifford. 

The layoffs come as the New York-based insurer works to streamline its organizational structure broadly and re-focus its investment strategies. AIG Global Real Estate—which has nearly $36 billion of assets under management—intends to decrease its Mexico investments and evaluate the remainder of its foreign investment. The firm invests in the US, Mexico, Europe and Asia, with assets ranging from 106,000 multifamily units in the US to a shopping mall in Budapest.

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