JP Morgan Asset Management is merging two of its Japanese equity-focused trusts, JPMorgan Japanese and JPMorgan Japan Small Cap Growth & Income, into a single portfolio worth nearly GBP1bn (USD1.27bn). This move, part of a trend toward consolidation in the investment trust sector, aims to increase efficiency and market presence. The merger will allow JSGI shareholders to liquidate up to 25% of their holdings at a 2% discount to net asset value. The combined entity will benefit from enhanced liquidity and a reduced ongoing charges ratio, from 0.75% to 0.63%. Managed by Nicholas Weindling and Miyako Urabe, the merged trust will focus on high-conviction investments, aligning with JP Morgan’s strategy to capitalise on Japan’s improving economy and governance reforms.