Worries about outflows from Standard Life’s flagship multi-asset strategy hit its shares, ahead of an £11bn (€12.2bn) merger with Aberdeen Asset Management to form the UK’s largest active manager.

Standard Life, Scotland’s largest insurer, agreed to acquire Aberdeen Asset Management for about £3.8bn (€4.4bn), a deal that would create the UK’s largest active manager.

Aberdeen Asset Management yesterday said total assets fell 3% to £302.7bn (€351m) in the first quarter of its financial year, as fresh outflows after the US election overshadowed market gains.