UBS AG is buying the commodity index business of New York-based American International Group Inc. for about $150 million.

The Swiss bank will make an upfront payment of $15 million and additional payments of up to $135 million over the following months, it said Monday in a statement on its website.

The closing is subject to a number of regulatory and other conditions. No assurances can be given that any such conditions will be satisfied, UBS noted.

The transaction is expected to close by May 2009, the bank said.

Investment