Financial terms of the deal were not disclosed.
The sale of AIB Asset Management Holdings includes AIB Investment Managers (AIBIM) and is subject to regulatory approval.
The bank said the positive impact on AIB Group’s capital position as a result of the transaction was not material.
AIBIM will be renamed Prescient Investment Managers (Ireland) once the sale is concluded.
AIBIM, which was first established in 1966, has about 100 employees and managed assets of about EUR8.4bn as of October 2011.
The acquisition is expected to be completed during the first quarter of 2012.
Irish Life Investment Managers was chosen as the preferred bidder in February 2011 for AIB’s investment arm and was expected to pay EUR15m-EUR20m for the unit, but pulled out of the running in April 2011.
