It was a merger that promised to give Aberdeen Asset Management the additional muscle it needed to compete more effectively across the globe and help Standard Life edge closer towards its transformation from traditional insurer to full-blown investment powerhouse.

But a little more than a year since the two Scottish firms announced they were combining forces — a deal brokered by their respective chief executives Martin Gilbert and Keith Skeoch — the £655bn giant is facing tough questions. Observers both inside and outside the company are asking whether the rosy projections made at the time will come to fruition — and with its share price dropping by around 14% since the deal completed, whether investors’ patience will survive the growing pains.