American International Group Inc. announced Thursday that it has hired Ernest T. Patrikis, the Federal Reserve Bank of New York's No. 2 official.

At the insurance giant, the 30-year Fed veteran will serve as a special adviser for regulatory matters and report directly to AIG chairman Maurice R. "Hank" Greenberg. Mr. Patrikis is scheduled to leave the New York Fed on July 29 and start at AIG in mid-August.

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