While economic growth, which is still stronger in Asia than in Europe, is accentuating the need for savings solutions for the middle classes, particularly in China and India, it will nevertheless slow down due to a less favourable macroeconomic context with the return of inflation and the war in Ukraine. Furthermore, the asset management industry is still facing a challenging interest rate environment. This situation, accentuated by the concerted actions of central banks, reduces real asset yields, encourages the development of low cost passive management, and thus puts continued pressure on margins. Added to this is the increasing competition from American players in Europe. On the other hand, new infrastructure needs, particularly in the context of the environmental transition, require more and more private financing, which can be carried out via investment funds, in traditional or real assets, in addition to public investments.