Buyout houses including Blackstone Inc. and TPG Inc. are evaluating competing bids for a U.S. fund administrator, in a deal that may value the company at as much as $1.7 billion, two people familiar with the matter told Reuters. Boston, Massachusetts-based Standish Management, a service provider to the buyout industry, has been working with advisers at Morgan Stanley to bring in a private equity backer, said the people, who spoke on condition of anonymity. Blackstone and TPG are reviewing whether to proceed with firm offers after an initial round of bids, the people said.