Invesco, an American independent investment management company, agreed to merge with City Merchants High Yield Trust, a closed-end investment company. Financial terms were not disclosed. "The Proposals will create a combined entity that will have greater scale and lower ongoing charges. The Board expects that the enlarged company will have broader appeal among investors and increased liquidity in the shares which should assist in maintaining a strong share price rating over the long-term. Given the similarities of the investment strategies of the two companies, there is a clear rationale for the merger with shareholders benefiting from greater economies of scale while retaining the expertise of the same management team and investment approach," Tim Scholefield, CMHY Chairman.