Amundi, Europe’s biggest asset manager, has been singled out for having the largest number of so-called orphaned funds hiding within its product range, according to a wide-ranging study from Morningstar.

The data provider defines orphaned funds as those with assets of less than €100m, a track record of at least five years, and having posted net flows of €10m or less in each of the five calendar years to the end of 2017.