News broke over the weekend of a proposed merger between Standard Life plc and Aberdeen Asset Management plc.

If shareholders and the regulator approve this merger, it will create the largest asset manager in the UK, responsible for funds worth £660bn and with a combined market capitalisation of £11bn.

Whilst positioned as a merger, Standard Life is clearly the dominant party in this transaction, worth £7.5bn compared to Aberdeen's £3.8bn market capitalisation.

This is reflected in Standard Life chairman Sir Gerry Grimstone becoming chairman of the new board, with Aberdeen chairman Simon Troughton becoming deputy chairman.

The two existing chief executives will however (initially at least) become co-chief executives of the new business.

As with any merger, some job losses are inevitable as the two businesses seek efficiency savings and merge duplicated functions.

Customers of either Standard Life or Aberdeen Asset Management will be watching the progress of this deal with interest, to understand what it means for the range of investment products on offer, pricing terms and customer service.