Pioneer Investments, the Italian asset manager, has integrated its alternative fund-of-funds team into its multi-asset operation to create a €100 billion unit in a move that comes as funds houses are rationalising businesses amid a challenging period for inflows.

The addition of nine alternatives specialists will increase the size of Pioneer's multi-asset division to 85. The funds of alternative funds team continues to be led by London-based Richard Berger and will work alongside Pioneer's long-only fund-of-funds team, which is managed by John O'Toole.