Amundi, Europe’s largest asset manager, has roughly halved its exposure to so-called blank-cheque companies, claiming the fast-growing sector, which has earned investment banks tens of millions of dollars in fees, is displaying “boom-and-bust” characteristics.

Vincent Mortier, Amundi’s deputy chief investment officer, said the €1.8tn asset manager has stakes in “less than 10” Spacs, having held “at least double” its current number last year.