The biggest asset management group in Britain is being created by 2 merging companies

Investment company Standard Life and fund manager Aberdeen Asset Management just agreed to merge and become the largest asset manager in Britain.

Standard Life said in at statement on Monday morning that both groups would recommend an all-share deal to shareholders worth around £11 billion.

Aberdeen’s merger value will be at 286.5 pence per share with the fund’s shareholders owning 33.3% of the newly merged group. Standard Life investors will own the remaining 66.7 % of the group at 378.5 pence per share.

The merger of the two companies would create Europe’s second largest fund manager with £660 billion in assets under management (AuM).

According to the statement, the executive structure will also be as follows:

Sir Gerry Grimstone, Chairman of Standard Life, will become Chairman of the Board of the Combined Group, with Simon Troughton, Chairman of Aberdeen, becoming Deputy Chairman. Keith Skeoch, CEO of Standard Life, and Martin Gilbert, CEO of Aberdeen, will become co-CEOs of the Combined Group. Bill Rattray, of Aberdeen, and Rod Paris, of Standard Life, will become CFO and CIO respectively.

A name has not been decided for the new combined company.

The statement did not disclose whether there would be job losses but the CEO of Aberdeen, Martin GIlbert, told BBC Radio that there would be "some job losses" and said The Times report that says 1,000 jobs were at risk was "way way exaggerated." He also said around £200 million in savings for the group.

The deal is still subject to final approval by regulators.