A record number of investment trusts are set to merge or wind down this year, and some of these changes will inevitably affect more investors than others.
The highest profile deal is the tie-up between global equity giants Alliance Trust (ATST) and Witan (WTAN), a combination that would create a £5bn fund.
Many key details of the proposed merger were set out in July, but the trusts have also now published prospectuses ahead of shareholder votes on the combination, due to take place in late September and early October.