Aberdeen Asset Management on Wednesday predicted it would squeeze “substantial” cost savings from Credit Suisse’s traditional fund management arm as it confirmed it was buying the business for up to £250m in shares.

The fund management group expects the cost of running Credit Suisse’s business to be no more than 35-40 per cent of the division’s income - significantly lower than they are at the moment. It also expects to benefit from distributing more of its products to Credit Suisse’s private banking customers.