Morningstar, the fund analysis and ratings firm, has delivered a decidedly mixed verdict on the acquisition of Italian asset manager Pioneer Investments by its larger French rival Amundi, announced earlier this week.

Morningstar's analysts, Mara Dobrescu and Francesco Paganelli, said the €3.8 billion deal means "Pioneer's future is now a little less uncertain" but "we are yet to be convinced the merger will bring substantial benefits to fund holders".