Europe

UK asset managers Standard Life, Aberdeen discuss merger

British asset management firms Aberdeen and Standard Life are in talks about a possible merger that could create one of the country's largest fund managers.

The move would create an 11 billion-pound ($13.5 billion) company, reflecting the combined market capitalization of the two firms, overseeing assets worth 660 billion pounds ($811 billion).

Standard Life said in a statement Saturday that the completion of a merger will be subject to shareholder approval. Aberdeen shareholders would own 33.3 percent and Standard Life shareholders 66.7 percent of the combined group.

Standard Life chairman Gerry Grimstone would become chairman of the board of the combined group, and Aberdeen's chairman Simon Troughton would become deputy chairman.

Standard Life will announce its intentions on making an offer, or not, by the evening of April 1.