American International Group Inc. announced its third sale this month as the New York insurance company continued to shed units in an effort to raise capital.

On Monday, it announced it closed the sale of a portion of its asset management business to Pacific Century Group, an Asian private investment firm. AIG [AIG] will continue to manage approximately $509 billion of assets as part of its internal investment operation.

Pacific Century Group paid $277 million in cash at closing, and AIG expects to receive additional future consideration in the form of a performance note and a continuing share of carried interest.

The portion of the asset management business that was sold was PineBridge Investments, which had offices in 31 countries. PineBridge manages $87.3 billion of assets for institutional and individual clients across a variety of asset classes, including private equity, hedge funds of funds, listed equities and certain fixed income strategies.

Earlier this month, AIG announced a definitive agreement to sell American Life Insurance Co. to MetLife Inc. [MET] for $15.5 billion.

When that was announced, AIG said the cash from the deal would be used to reduce the liquidation preference of the Federal Reserve Bank of New York in the special purpose vehicle formed by AIG and the Federal Reserve Bank to hold the interests in ALICO.

A week earlier, Prudential plc announced it agreed to buy AIG Group Ltd., a pan-Asian life insurance company, from AIG. London-based Prudential said it would pay approximately $35.5 billion.

That deal, which is expected to close this year, would be the largest in AIG’s ongoing restructuring efforts. AIG said the proceeds from the sale would be used to redeem preferred interests with a liquidation preference of approximately $16 billion held by the Federal Reserve Bank of New York and to repay approximately $9 billion under the FRBNY credit facility.