There has been so much to write about consolidation among closed ended funds over the past year that a colleague has taken to joking about my "investment trust merger column".
There is an argument that lower interest rates, relatively buoyant markets and the fact that so many trusts have already merged might see this trend start to lose momentum soon.
Having said that, a little sector disruption is still due, and it may well claim the scalps of a couple of especially high-profile trusts before things start to improve.