AIB has agreed to sell its asset management business - which includes AIB Investment Managers - to South African financial services group Prescient Holdings.
The bank did not say how much the deal was worth. It is understood, however, that the sale price is in the region of €20m to €30m. AIB said the impact on its overall financial position was "not material".
AIBIM employs around 100 people in Dublin and New York. A statement from Prescient said the business would continue to be managed by the existing management team.
Prescient, which already has a presence in Dublin, said it was building a global business and saw Dublin as a "springboard" into Europe and the US.
The sale is expected to be completed during the first quarter of 2012.
The deal comes as part of an deleveraging, or sell-off of assets, by the Irish banks agreed under the EU/IMF programme.
