'Ballsy' is not a word often used in the investment trust space, but it's one that might just apply to the latest proposal from Ashoka WhiteOak Emerging Markets (AWEM).
The trust, which launched just last year and comes with a trifling £35mn market capitalisation, has put forward the idea of it effectively taking over its much larger rival, the £651mn Asia Dragon (DGN).
With trusts often tending to absorb rivals that are smaller or of a similar size, this would be an unusual move. However it does have some merit: the Ashoka team points to the fact that its portfolio returns have been strong since the trust listed, whereas Asia Dragon has struggled in recent years.