As per latest publications, Fund managers Aberdeen Asset Management and Standard Life have settled conditions for an all-share merger.

This transaction will form one of the UK’s largest fund managers, controlling assets worth around $800 billion. Both companies employ almost 9,000 people together.

According to the statement from both sides the agreement was subject to a number of conditions, such as shareholder approval and the new joint group will be named to fit in the names of both Standard Life and Aberdeen.

After the closing of the deal, Aberdeen shareholders will reportedly own about a third of the collective group, with Standard Life shareholders owning the remaining two thirds.

That replicates Aberdeen’s $4.6 billion market capitalisation and Standard Life’s $9.2 billion value.

Reports said that following the merger, Standard Life chairman Sir Gerry Grimstone is set to take over the position as a chairman of the board, with Aberdeen chairman Simon Troughton becoming deputy chairman.

Meanwhile Standard Life and Aberdeen’s current chief executives, Keith Skeoch and Martin Gilbert, would become co-chief executives.

According to the weekend reports this deal could result around 1,000 job losses, that suggest about one in 10 of the current employees will lose the job.

However Aberdeen’s chief executive Martin Gilbert completely denied  reports that the merger will cut down that many jobs and instead highlighted the cost efficiencies resulting from technical and operating platform rationalization.

Stock market also had a positive response to the news with shares in both companies opening higher in European morning trade.

Moreover Aberdeen’s two key shareholders, Mitsubishi UFJ Trust and Banking Corporation, which owns around 17 percent and Lloyds Banking Group, which owns over 9 percent, have both given their green signal to the agreement.