American International Group Inc. has agreed to sell part of its investment advisory and asset management business to Bridge Partners L.P., an Asian investment firm.

Bridge Partners — a unit of Pacific Century Group Ltd., Hong Kong – has agreed to pay $300 million in cash at closing for the asset management operations along with up to about $200 million in future payments, according to AIG, New York.

The future consideration would be in the form of returns on a performance note and a continuing share of carried interest, AIG says.

The AIG operations involved in the deal operate in 32 countries and manage about $89 billion of investments for institutional and retail clients.

AIG plans to keep an in-house investment operation that manages about $480 billion in assets.

The deal is subject to regulatory approvals.

After the deal is completed, Win Neuger will continue to be chief executive office of the operations involved in the deal, and Monika Machon will continue to be the chief investment officer at AIG, AIG says.