Standard Life Said in Talks With Saudis Over Seeding Local Funds - Bloomberg

Standard Life Said in Talks With Saudis Over Seeding Local Funds - Bloomberg:

Standard Life Aberdeen Plc is in talks with Saudi Arabia about starting one or more investment vehicles that would be seeded by the kingdom’s sovereign wealth fund and could raise billions of dollars, according to people familiar with the matter.

Under the proposal, Standard Life Aberdeen would manage the funds, which would be topped-up by money from other investors, the people said, asking not to be identified as the information is private. Standard Life Aberdeen is studying opening an office in Riyadh to manage the new funds from there, the people said. 

The talks are at an early stage and could fall apart, the people said. Officials for Standard Life Aberdeen declined to comment.