The agreement follows after New York Life Investments submitted its binding offer, although terms of the transaction have not been disclosed.
The lender said in a statement, "Any agreement by the parties would be subject to finalization of its key terms and of the employee consultation process in accordance with the applicable legal framework."
The thrice-bailed out lender has agreed with European regulators to dispose of Dexia Asset Management as part of a deal to receive state bailouts.
New York Life Insurance Company’s wholly owned subsidiary New York Life Investments had $388bn in assets under management, as of 31 July 2013. It caters a variety of fixed income, equities and alternative products for institutional and retail clients
Previously, a deal to sell the asset management business to Hong Kong-based GCS Capital for €380m ($507m) fell apart in July this year, as the acquirer was not in a position to pay the anticipated acquisition amount.
Most recently, London-based asset management company FinEx Capital Management said that it made an offer to acquire Dexia Asset Management, which had €72.7bn of assets under management at the end of June 2013.
