A private investment firm in Asia has acquired part of the asset management operations of American International Group Inc. (NYSE:AIG).

AIG, New York, closed on the sale of the asset management unit to Pacific Century Group, Hong Kong. AIG says it will continue to manage about $509 billion of assets for its own operations.

Pacific Century paid $277 million in cash at closing, and it may pay more if the acquired operations do well, AIG says.

AIG has dubbed the portion of the asset management business it is selling PineBridge Investments. PineBridge manages about $87 billion in assets and operates in 31 countries.