Jupiter Fund Management, the FTSE 250-listed asset manager set to acquire Merian Global Investors, is gearing up for widespread cuts across the combined business once the deal completes later this year.

Jupiter announced on February 17 it would buy its smaller rival to create a fund management business overseeing £65bn. It is the first major transaction for Jupiter under the leadership of the acquisitive Andrew Formica, who took over as chief executive in March 2019.