The £11bn merger of Standard Life and Aberdeen Asset Management has been given the green light by a competition watchdog.

On Thursday the Competition and Markets Authority said it has decided not to refer the merger to an in-depth investigation, paving the way for the deal's completion in August.

In May, Edinburgh-based Standard Life revealed it expected the move would shed around 800 jobs from a global workforce of 9000 over a three-year period.

On Monday, shareholders overwhelmingly backed the tie-up, with more than 95% of investors at Aberdeen and 98% at Standard Life voting in favour of the deal during general meetings.

The enlarged company, to be called Standard Life Aberdeen, will be headed up by Keith Skeoch and Aberdeen boss Martin Gilbert.

The merger will create Europe's second-biggest fund manager, with £670bn under its management.

It is targeting cost savings of £200m a year.