Asset management companies don't have as broad a path as you might think. To put it simply, they rely on management fees for a living, and the industry's ceiling is limited by the global asset scale. Breaking through is also difficult—competition on fee rates is becoming increasingly fierce, leaving very little room for expansion. Even reaching a valuation of a hundred billion USD is considered quite good. In comparison, trading platforms or infrastructure projects with strong narratives are in a completely different league in terms of potential.