There would be few fund trustees who haven’t considered fund mergers in their business plan. But how do trustees determine which funds to merge with so that they provide the most benefit for their members and how do they realise those benefits? A merger which merely replicates all aspects of a target fund in a separate division of the merged fund is a merger in name only, and is unlikely to provide significant benefits for members. As with the merger of any large entities, it requires much more: the melding of policy and strategy, structure and process, and culture and...