It is understood that the company has long-listed agencies ahead of a review, with Teamspirit still involved in the process.
Standard Life manages around £240bn of assets and is the UK's biggest provider of defined contribution pensions and self-invested pension plans (SIPPs).
Earlier this year it courted controversy by announcing it might move operations, headquartered in Edinburgh, away from Scotland if the country voted for independence in September.
The announcement was made in February and came on the day it reported a 13 per cent fall in annual operating profits to £751m.
Standard Life, which works with Tulchan Communications for its financial PR, confirmed the process but declined to comment further.
Teamspirit declined to comment.