Keith Skeoch, chief executive of Standard Life, and Martin Gilbert, his counterpart at Aberdeen, would share the CEO's role at the new company, while Bill Rattray would become chief financial officer.
"The potential merger represents an excellent opportunity to leverage Standard Life and Aberdeen's combined strengths to create a world-class investment company".
Aberdeen Asset Management PLC has 1,284,914,000 shares in issue which have a share price of 302.5 giving Aberdeen Asset Management PLC a market capitalisation of 3.89B GBp. I'm still optimistic about the prospects for Aviva following its merger with Friends Life, while I think Standard Chartered and HSBC could register improved investment performance as their strategies take effect. Standard Life investors will own the remaining 66.7% of the group at 378.5 pence per share.
Standard Life and Aberdeen have set out the terms of their proposed £11bn merger, saying they expected the deal to save the combined companies up to £200m in costs.
"The deal will create one of the largest active asset managers globally", and save more than $240 million a year by closing duplicate trading desks and combining back offices, travel and other expenses, investment-company analyst Gurit S. Kambo told clients at European brokerage JPMorgan Cazenove in a report.
Aberdeen shareholders would receive 0.757 of a new Standard Life ordinary share for each Aberdeen ordinary share.More news: Sweden to bring back military service
Standard Life employs over 8,000 and Aberdeen has over 2,800 staff. Aberdeen's share price meanwhile is 5.10 percent better off at 301.00p.
Aberdeen has seen fund outflows accelerate amid deteriorating investor sentiment towards emerging markets, the company's stronghold.
Speaking on a morning call with journalists, Gilbert and Skeoch - who will become co-CEOs of the combined entity - said they were "highly complementary funds businesses".
It has reported 15 consecutive quarters of net withdrawals, and now manages just over £300bn of assets - down from more than £400bn at the peak.
As the acquiring party, Standard Life has until the close of business on April 1 to formalise its offer to buy Aberdeen under United Kingdom takeover rules.
Industry insiders have predicted more coalitions could follow this year as challenges from the growth of passive investment, increasing regulation and pricing pressures make a "defensive" merger look all the more attractive to firms battling a growing number of headwinds.