According to Bloomberg, American International Group (AIG) appointed Brian Schreiber and Geoffrey Cornell deputy chief investment officers as the insurer revamps oversight of its $358.3 billion portfolio.

Schreiber, 48, will oversee specialized asset classes including real estate, private equity and hedge funds, New York-based AIG said yesterday in a statement. Cornell, 42, will manage high-yield and investment-grade corporate bonds and municipal securities. They will report to William Dooley, executive vice president for investments.

AIG is overhauling the portfolio’s leadership as Chief Executive Officer Robert Benmosche simplifies the company after selling units to help repay a U.S. bailout. Monika Machon, who was chief investment officer, will become treasurer, a post that Schreiber previously held.