There have been six mergers between investment trusts so far in 2024, already 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 merger, a merger between Henderson European Focus and Henderson EuroTrust is expected to complete in July.

The AIC has 330 members and the industry has total assets of£273 billion.

AIC CEO Richard Stone 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.”