The proposed merger of Aberdeen Asset Management and Standard Life has received the go-ahead from the shareholders of both companies.

The deal, announced in March 2017, will lead to the creation of a new entity known as Standard Life Aberdeen that will manage £660bn in assets.

The combined entity will be jointly headed by Standard Life CEO Keith Skeoch and Aberdeen CEO Martin Gilbert.

Standard Life chairman Gerry Grimstone said: “Our Merger with Aberdeen will be one of the most significant events in our near-200 year history, creating a well-diversified world-class investment company.”

Last month, the companies announced plans to lay off 800 jobs as part of the deal.

“We are still on track for a completion date of Monday 14 August and will keep our shareholders informed of developments,” Grimstone stated.

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