– Six mergers between investment trusts completed in 2024, with one in the pipeline
– Previous record was five mergers in 2021 and 2022
– See list of 2024 mergers below
There have been six mergers between investment trusts so far in 2024, surpassing the previous record of five mergers set in 2021 and equalled in 2022, according to the Association of Investment Companies (AIC).
The biggest was the merger between Tritax Big Box REIT and UK Commercial Property REIT in May, creating a combined company with total assets of £5 billion.
In addition to the six completed mergers (see table below), a merger between Henderson European Focusand Henderson EuroTrust is expected to complete in July1.
Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said: “A record year for mergers shows that investment trust boards are responding to investors’ preference for larger, more liquid trusts that are easier to trade and cheaper to run. The median investment trust has more than doubled in size from £175 million of total assets ten years ago to £374 million today, excluding VCTs.”
Mergers between investment trusts in 2024
| 2024 | Merged companies (continuing company in bold) | AIC sector |
| Jan | Henderson High Income Henderson Diversified Income | UK Equity & Bond Income Debt – Loans & Bonds |
| Feb | JPMorgan UK Smaller Companies JPMorgan Mid Cap | UK Smaller CompaniesUK All Companies |
| Mar | Fidelity China Special Situationsabrdn China | China / Greater ChinaChina / Greater China |
| Mar | JPMorgan Global Growth & Income JPMorgan Multi-Asset Growth & Income | Global Equity IncomeFlexible Investment |
| Mar | STS Global Income & GrowthTroy Income & Growth | Global Equity IncomeUK Equity Income |
| May | Tritax Big Box REITUK Commercial Property REIT | Property – UK LogisticsProperty – UK Commercial |
Source: theaic.co.uk (as at 17/06/24)
Number of investment trust mergers by year since 2016
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 to date | |
| No. of mergers | 1 | 2 | 1 | 2 | 1 | 5 | 5 | 4 | 6 |
Source: theaic.co.uk (as at 17/06/24)
