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American General Restructures

American General of Houston, the financial service organization with assets of $123 billion under management, has announced that it has realigned its operations into two divisions - asset accumulation and financial services.

The asset accumulation division will run the mutual fund operations, retirement services, investment management and information technology for the company, according to the announcement. The financial services division will run life insurance, consumer finance, international operations, and administration for the company. The marketing for these operations will be separated into the new divisions, according to John Pluhowski, a spokesperson for American General.

The realignment is aimed at increasing efficiency and market responsiveness, according to Pluhowski.

John Graf, who most recently was vice chairman and group executive for retirement services, will head the asset accumulation division as senior vice chairman. Rodney Martin will be senior vice chairman of the financial services division. He has been vice chairman and group executive for life insurance for the company.