250 fund jobs are suddenly at risk at Alliance Trust. Aberdeen is shaping up as the employer of choice either way

You maybe wouldn't want to be working at Alliance Trust's Edinburgh or Dundee offices today. The Telegraph reports this morning that the company and its funds are the subject of a takeover battle being waged by Martin Gilbert, chief executive of Aberdeen Asset Management.

Gilbert wants to depose Catherine Garret Cox, chief executive of Alliance, and run Alliance's Assets under the Aberdeen umbrella. If this happens, the Telegraph says 250 jobs at Alliance could be at risk.

Will the worst happen? Gilbert is supported in his quest by activist investor Laxey Partners, which holds a 1.7% stake in Alliance and has demanded a review after complaining of 5 years of under-performance there. Nevertheless, the deposition of Garret Cox, tendering of Alliance's funds, and their management by Aberdeen in Edinburgh remains very much wishful thinking.

Either way, Aberdeen Asset Management is emerging as one of Scotland's most desirable fund management employers. Earlier this month it announced massive inflows and strong returns across all its core strategies. Unfortunately, Aberdeen doesn't seem to be hiring right now: it's only advertising one job, in Philadelphia.