Amundi, the Paris-based asset manager, has become the leading candidate to take over smaller Italian rival Pioneer, according to people familiar with both firms, but bankers say a domestic takeover – or a rival bidder such as Macquarie - cannot be ruled out.

Presenting Amundi's third-quarter results on October 28, Yves Perrier, the firm's chief executive, said: "We are taking part in the process of selling of Pioneer initiated by UniCredit. It's an open process. We will make an appropriate binding offer."