Falling markets and renewed investor interest in money markets following the rise in interest rates - US money market funds have reached record levels of inflows, now totaling $5.7 trillion - are behind this inflection.

Over the year, however, BlackRock's assets under management rose by $1.1 trillion, from $8 to $9.1 trillion - four times more than Amundi - representing an increase of 14%. As for consolidated profit, the fact that it beat analysts' consensus this quarter was mainly due to a lower-than-expected tax bill.

BlackRock's sales and operating profit have stagnated for five years, at $4 billion and $1.5 billion respectively per quarter. Has the Group reached the end of its growth model? We know that it is looking for new outlets in private equity, private debt and technology.

In fact, Larry Fink has made it clear that he is on the hunt for a real "elephant" as his next strategic acquisition. Will he be able to repeat the feat of acquiring iShares in the midst of the subprime crisis?

Earlier this year, BlackRock tried to buy Crédit Suisse - then in the midst of a rout - but the Swiss regulator wouldn't let it. In any case, it's a safe bet that Fink will know exactly how to take advantage of the next big shake-up in the financial markets.

In the meantime, and failing that, capital returns to shareholders are increasing. Without any real acceleration in share buybacks, however, since BlackRock has remained valued at an average of x17 its profits for the last ten years.