From the perspective of shareholders, most of the large fund companies are securities, banks and insurance companies, and most of them have no strong impulse to go public. They have low capital consumption and high profit rate, so there is no need to go public. And if the fund company goes public, it will compete with other business sectors.
From the fund company itself, the profit is fluctuating and unstable, and its own business is relatively open. As for the company itself, the main asset is the people themselves, and everything else is the nature of collecting money on behalf of customers. There is no real investment operation related to the company's own capital operation, and it does not occupy capital and does not need to be listed.