The three-way merger of Japanese smaller companies has completed with the Nippon Active Value Fund (NAVF ) burgeoning to £294m of assets following shareholder approval.

Shareholders of abrdn Japan Investment Trust (AJIT ) and Atlantis Japan Growth fund (AJG ) approved the merger at their meetings on 10 October, at 99.8% of shareholders and 99.6% of shareholders respectively .

NAVF, which is gaining £61.6m of net assets from the abrdn fund and £56.8m of assets from the Atlantis funds, will become the second largest company in the AIC Japanese Smaller Company three strong sector. It falls behind Baillie Gifford Shin Nippon (BGS ) which has £522.4m, but ahead of JPMorgan Japan Small Cap & Growth Income (JSGI ) at £205m.

76m of new shares will be admitted to the premium segment of the stock exchange, which the Rising Sun run trust migrated to at the end of September, at 8am tomorrow.

Rosemary Morgan, chair of the company, said the company is on ‘excellent footing for the future and will facilitate the continued investment in an exciting pipeline of opportunities in the Japanese market’.

At the end of last month shareholders in NAVF approved amendments to the investment policy, which will allow, among other things, the enlarged vehicle to diversify its assets by looking towards more mid-cap companies of up to $3bn (£2.4bn) market cap.

As a result of the mergers Claire Boyle and Noel Lamb join the board from AJIT and AJG respectively. Boyle, who is a ‘super director’, served as chair of the audit and risk committee of the abrdn trust and is also chair of Life Science REIT (LABS ), chair of the audit and risk committee of Fidelity Special Values (FSV ) and a non-executive director of Monks Investment Trust (MNKS ).