One of Aberdeen Asset Management’s most senior bosses is set to take over the reins at M&G Investments after the retirement of its chief executive.

The takeover of Bristol-based Parmenion by Aberdeen Asset Management has been completed.

Bosses at Aberdeen Asset Management have reported a fall in assets under management of £41bn over the last 12 months and net outflows of £33.9 billion for the year up until September.

Poor governance in the investments asset managers make has been cited as the biggest challenge faced by companies in the sector after tax regulations.