Standard Life, which had £138.7 billion (around $208.9 billion) in assets under management at the end of last year, will acquire a 75.1 per cent stake in Aida, subject to approval from the Financial Services Authority, the UK regulator.

Aida’s existing management team will continue to run the firm’s funds, as well as to develop and manage new fund of hedge fund products for Standard Life and its clients.

Aida manages the Aida Open-Ended Fund, a Guernsey-listed investment vehicle, and the Aida Closed-Ended Fund, an investment fund listed on the London Stock Exchange. Its clients include high net worth individuals, wealth managers and institutional investors, both from within and outside the UK.