<p>资产管理公司对负责任投资的承诺有多大，他们在品牌中有效地反映这种承诺的程度如何？这是《负责任投资品牌指数》（RIBI）第八版背后的核心问题。该指数今天发布，评估了全球 632 家资产管理公司。</p>
<p>该指数衡量两个维度。</p>
<ul>
<li>第一个是承诺：对负责任投资的实际参与，使用负责任投资原则（PRI）透明度报告在五个类别中评估多达 300 个参数——从组织战略和 ESG 整合到治理。</li>
<li>第二个是品牌：将这种承诺嵌入公司外部身份的能力，通过清晰阐述的目标、一致的价值体系和一致的定位。两者的结合产生了四个类别：先锋派、传统派、追求者和滞后者。</li>
</ul>
<p><strong>ESG 面临挑战</strong></p>
<p>这一第八版在困难的环境中发布。业绩失望、关于 SFDR 2.0 等框架的监管混乱，以及在美国日益政治化的辩论——都给行业带来了压力。作者指出，曾经是行业广泛动力来源的可持续性，已成为一个分歧点。</p>
<p>RIBI 故意将自己置于规范性辩论之外。它不评估 ESG 是否有效。它衡量信念与沟通之间的一致性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.finews.com/images/news/2026/04/infografik_ribi_copy.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="646" height="390" original-src="https://imageproxy.pbkrs.com/https://www.finews.com/images/news/2026/04/infografik_ribi_copy.png"/></p>
<p><em>瑞士：承诺强，但品牌较弱。（图片：提供）</em></p>
<p><strong>瑞士：实质强，信息传播弱</strong></p>
<p>瑞士的承诺得分为 3.40，位列欧洲领先国家之列——远高于全球平均水平 2.31。其品牌得分为 1.95，略高于平均水平 1.76，虽然可观但并不突出。</p>
<p>RIBI 对瑞士章节的总结直言不讳：“他们可以更好地利用他们的品牌。” 一半的瑞士公司被归类为传统派——这些公司在内部工作出色，但在外部展示得太少。</p>
<p><strong>瑞银资产管理的命运变化</strong></p>
<p>瑞士前十名排名在 2025 年和 2026 年之间的变化清晰地说明了这一点：</p>
<table>
<thead>
<tr>
<th>排名</th>
<th>RIBI 2025</th>
<th>类别</th>
<th>RIBI 2026</th>
<th>类别</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>Pictet Asset Management</td>
<td>先锋派</td>
<td>Pictet Asset Management</td>
<td>先锋派</td>
</tr>
<tr>
<td>2</td>
<td>UBS Asset Management</td>
<td>先锋派</td>
<td>Mirabaud Asset Management</td>
<td>先锋派</td>
</tr>
<tr>
<td>3</td>
<td>Mirabaud Asset Management</td>
<td>先锋派</td>
<td>Partners Group</td>
<td>先锋派</td>
</tr>
<tr>
<td>4</td>
<td>Partners Group</td>
<td>先锋派</td>
<td>Vontobel</td>
<td>先锋派</td>
</tr>
<tr>
<td>5</td>
<td>Zuercher Kantonalbank</td>
<td>先锋派</td>
<td>Zuercher Kantonalbank</td>
<td>先锋派</td>
</tr>
<tr>
<td>6</td>
<td>Vontobel</td>
<td>先锋派</td>
<td>GAM Holding</td>
<td>先锋派</td>
</tr>
<tr>
<td>7</td>
<td>Zurich Invest</td>
<td>传统派</td>
<td>UBS Asset Management</td>
<td>传统派</td>
</tr>
<tr>
<td>8</td>
<td>GAM Holding</td>
<td>先锋派</td>
<td>Banque Cantonale Vaudoise</td>
<td>先锋派</td>
</tr>
<tr>
<td>9</td>
<td>Banque Cantonale Vaudoise</td>
<td>先锋派</td>
<td>Zurich Invest</td>
<td>传统派</td>
</tr>
<tr>
<td>10</td>
<td>Lombard Odier Investment Managers</td>
<td>传统派</td>
<td>LGT Capital Partners</td>
<td>传统派</td>
</tr>
<tr>
<td><em>来源：负责任投资品牌指数</em></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<p>最引人注目的变化属于瑞银资产管理，该公司从第二名跌至第七名，并在此过程中失去了先锋派的分类。这家曾在两年前位列瑞士第一的公司，现在被贴上了传统派的标签。这一下降反映的不是信念的减弱，而是未能将这种信念向外传播。</p>
<p>LGT Capital Partners 首次进入瑞士前十名，取代了 Lombard Odier Investment Managers。</p>
<p><strong>法国超越日本</strong></p>
<p>在全球层面，DPAM 在整体排名中领先，其次是 Pictet Asset Management 和 Candriam——这两家公司自 2018 年第一版 RIBI 以来一直出现在全球前十名中。</p>
<p>在国家层面，法国首次超越日本，成为全球领先国家，52% 的公司被归类为先锋派。南欧的得分提升幅度最大，增长了 17%。美国仍然是最弱的发达市场，承诺得分仅为 1.53。</p>
<p><strong>值得建设的文化</strong></p>
<p><strong>Jean-François Hirschel</strong>，RIBI 的联合创始人及 H-Ideas 的首席执行官，给出了尖锐的结论：“一个明确的品牌不是一种营销工具。它是一种承诺——也是资产管理公司能做出的最有价值的承诺。”</p>
<p>联合作者 <strong>Markus Kramer</strong> 补充道：“知道你所代表的是什么，并以信念进行沟通，建立了一个有韧性的文化，吸引了合适的人才，并赢得了任何价格战无法替代的信任。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.finews.com/images/news/2026/04/markusandjf.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="646" height="450" original-src="https://imageproxy.pbkrs.com/https://www.finews.com/images/news/2026/04/markusandjf.jpg"/></p>
<p><em>RIBI 创始人 Jean-François Hirschel（左）和 Markus Kramer。（图片：提供）</em></p>
<p><strong>有价值，但并非没有限制</strong></p>
<p>RIBI 填补了一个真实的空白，并在八个版本中提供了方向性有用的趋势数据。</p>
<p>尽管如此，承诺得分完全依赖于 PRI 透明度报告。任何未签署 PRI 的公司自动获得零分——无论其实际追求负责任投资的程度如何。这隐含地将 PRI 会员资格视为质量的代理，这一前提引发了争论。</p>
<p><strong>一个有用的指南针</strong></p>
<p>品牌得分同样适用高度正式化的标准：目的声明是否简洁，是否以动词开头，以及是否表达社会雄心。</p>
<p>尽管有这些警告，RIBI 仍然是一个独特的定量工具，是行业真正有用的指南针。finews 之前报道了 2025 年版。</p>

瑞银集团

2 倍做多美国股息因子 ETN - ETRACS

<p>2026 年负责任投资品牌指数显示，瑞银资产管理的排名从第二下降至第七，因未能有效传达其对负责任投资的承诺而失去了先锋地位。尽管瑞士在承诺方面排名较高，但其品牌信息传递不足，导致一半的公司被归类为传统主义者。在全球范围内，DPAM 位居榜首，法国超越日本成为负责任投资的领先国家。该指数强调了明确品牌的重要性，品牌作为一种承诺能够建立信任并吸引人才</p>

<p>How committed are asset managers to responsible investing, and how effectively do they reflect that commitment in their brand? That is the core question behind the Responsible Investment Brand Index (RIBI), now in its eighth edition. The index, published today, evaluates 632 asset managers worldwide.</p>
<div class="lb-trans"><p>资产管理公司对负责任投资的承诺有多大，他们在品牌中有效地反映这种承诺的程度如何？这是《负责任投资品牌指数》（RIBI）第八版背后的核心问题。该指数今天发布，评估了全球 632 家资产管理公司。</p>
</div><p>The index measures two dimensions.</p>
<div class="lb-trans"><p>该指数衡量两个维度。</p>
</div><ul>
<li>The first is Commitment: the actual engagement with responsible investing, assessed using Principles for Responsible Investment (PRI) transparency reports across up to 300 parameters in five categories — from organizational strategy and ESG integration to stewardship.</li>
<li>The second is Brand: the ability to embed that commitment in a firm's external identity, through a clearly articulated purpose, a coherent value system, and consistent positioning. The combination of the two produces four categories: Avant-Gardists, Traditionalists, Aspirants, and Laggards.</li>
</ul>
<div class="lb-trans"><ul>
<li>第一个是承诺：对负责任投资的实际参与，使用负责任投资原则（PRI）透明度报告在五个类别中评估多达 300 个参数——从组织战略和 ESG 整合到治理。</li>
<li>第二个是品牌：将这种承诺嵌入公司外部身份的能力，通过清晰阐述的目标、一致的价值体系和一致的定位。两者的结合产生了四个类别：先锋派、传统派、追求者和滞后者。</li>
</ul>
</div><p><strong>ESG Under Fire</strong></p>
<div class="lb-trans"><p><strong>ESG 面临挑战</strong></p>
</div><p>This eighth edition arrives in difficult terrain. Performance disappointments, regulatory confusion around frameworks such as SFDR 2.0, and an increasingly politicized debate — particularly in the US — have put the industry under pressure. The authors note that sustainability, once a source of industry-wide momentum, has become a fault line.</p>
<div class="lb-trans"><p>这一第八版在困难的环境中发布。业绩失望、关于 SFDR 2.0 等框架的监管混乱，以及在美国日益政治化的辩论——都给行业带来了压力。作者指出，曾经是行业广泛动力来源的可持续性，已成为一个分歧点。</p>
</div><p>The RIBI positions itself deliberately outside the normative debate. It does not assess whether ESG works. It measures the consistency between conviction and communication.</p>
<div class="lb-trans"><p>RIBI 故意将自己置于规范性辩论之外。它不评估 ESG 是否有效。它衡量信念与沟通之间的一致性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.finews.com/images/news/2026/04/infografik_ribi_copy.png" alt="" original-src="https://www.finews.com/images/news/2026/04/infografik_ribi_copy.png"/></p>
<p><em>Switzerland: Strong on Commitment, less so on Brand. (Image: provided)</em></p>
<div class="lb-trans"><p><em>瑞士：承诺强，但品牌较弱。（图片：提供）</em></p>
</div><p><strong>Switzerland: Strong on Substance, Quiet on Messaging</strong></p>
<div class="lb-trans"><p><strong>瑞士：实质强，信息传播弱</strong></p>
</div><p>With a Commitment score of 3.40, Switzerland ranks among Europe's leading nations — well above the global average of 2.31. Its Brand score of 1.95 edges above the average of 1.76, a respectable but not outstanding result.</p>
<div class="lb-trans"><p>瑞士的承诺得分为 3.40，位列欧洲领先国家之列——远高于全球平均水平 2.31。其品牌得分为 1.95，略高于平均水平 1.76，虽然可观但并不突出。</p>
</div><p>The RIBI sums up the Swiss chapter bluntly: «They could use their brands to greater advantage.» Half of Swiss firms are classified as Traditionalists — firms that do exemplary work internally but show too little of it externally.</p>
<div class="lb-trans"><p>RIBI 对瑞士章节的总结直言不讳：“他们可以更好地利用他们的品牌。” 一半的瑞士公司被归类为传统派——这些公司在内部工作出色，但在外部展示得太少。</p>
</div><p><strong>Shifting Fortunes at UBS Asset Management</strong></p>
<div class="lb-trans"><p><strong>瑞银资产管理的命运变化</strong></p>
</div><p>The changes in Switzerland's Top 10 ranking between 2025 and 2026 illustrate the point clearly:</p>
<div class="lb-trans"><p>瑞士前十名排名在 2025 年和 2026 年之间的变化清晰地说明了这一点：</p>
</div><table>
<thead>
<tr>
<th>Rank</th>
<th>RIBI 2025</th>
<th>Category</th>
<th>RIBI 2026</th>
<th>Category</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>Pictet Asset Management</td>
<td>Avant-Gardist</td>
<td>Pictet Asset Management</td>
<td>Avant-Gardist</td>
</tr>
<tr>
<td>2</td>
<td>UBS Asset Management</td>
<td>Avant-Gardist</td>
<td>Mirabaud Asset Management</td>
<td>Avant-Gardist</td>
</tr>
<tr>
<td>3</td>
<td>Mirabaud Asset Management</td>
<td>Avant-Gardist</td>
<td>Partners Group</td>
<td>Avant-Gardist</td>
</tr>
<tr>
<td>4</td>
<td>Partners Group</td>
<td>Avant-Gardist</td>
<td>Vontobel</td>
<td>Avant-Gardist</td>
</tr>
<tr>
<td>5</td>
<td>Zuercher Kantonalbank</td>
<td>Avant-Gardist</td>
<td>Zuercher Kantonalbank</td>
<td>Avant-Gardist</td>
</tr>
<tr>
<td>6</td>
<td>Vontobel</td>
<td>Avant-Gardist</td>
<td>GAM Holding</td>
<td>Avant-Gardist</td>
</tr>
<tr>
<td>7</td>
<td>Zurich Invest</td>
<td>Traditionalist</td>
<td>UBS Asset Management</td>
<td>Traditionalist</td>
</tr>
<tr>
<td>8</td>
<td>GAM Holding</td>
<td>Avant-Gardist</td>
<td>Banque Cantonale Vaudoise</td>
<td>Avant-Gardist</td>
</tr>
<tr>
<td>9</td>
<td>Banque Cantonale Vaudoise</td>
<td>Avant-Gardist</td>
<td>Zurich Invest</td>
<td>Traditionalist</td>
</tr>
<tr>
<td>10</td>
<td>Lombard Odier Investment Managers</td>
<td>Traditionalist</td>
<td>LGT Capital Partners</td>
<td>Traditionalist</td>
</tr>
<tr>
<td><em>Source: Responsible Investment Brand Index</em></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>排名</th>
<th>RIBI 2025</th>
<th>类别</th>
<th>RIBI 2026</th>
<th>类别</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>Pictet Asset Management</td>
<td>先锋派</td>
<td>Pictet Asset Management</td>
<td>先锋派</td>
</tr>
<tr>
<td>2</td>
<td>UBS Asset Management</td>
<td>先锋派</td>
<td>Mirabaud Asset Management</td>
<td>先锋派</td>
</tr>
<tr>
<td>3</td>
<td>Mirabaud Asset Management</td>
<td>先锋派</td>
<td>Partners Group</td>
<td>先锋派</td>
</tr>
<tr>
<td>4</td>
<td>Partners Group</td>
<td>先锋派</td>
<td>Vontobel</td>
<td>先锋派</td>
</tr>
<tr>
<td>5</td>
<td>Zuercher Kantonalbank</td>
<td>先锋派</td>
<td>Zuercher Kantonalbank</td>
<td>先锋派</td>
</tr>
<tr>
<td>6</td>
<td>Vontobel</td>
<td>先锋派</td>
<td>GAM Holding</td>
<td>先锋派</td>
</tr>
<tr>
<td>7</td>
<td>Zurich Invest</td>
<td>传统派</td>
<td>UBS Asset Management</td>
<td>传统派</td>
</tr>
<tr>
<td>8</td>
<td>GAM Holding</td>
<td>先锋派</td>
<td>Banque Cantonale Vaudoise</td>
<td>先锋派</td>
</tr>
<tr>
<td>9</td>
<td>Banque Cantonale Vaudoise</td>
<td>先锋派</td>
<td>Zurich Invest</td>
<td>传统派</td>
</tr>
<tr>
<td>10</td>
<td>Lombard Odier Investment Managers</td>
<td>传统派</td>
<td>LGT Capital Partners</td>
<td>传统派</td>
</tr>
<tr>
<td><em>来源：负责任投资品牌指数</em></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
</div><p>The most striking move belongs to UBS Asset Management, which falls from second to seventh and loses its Avant-Gardist classification in the process. The firm — Switzerland's number one just two years ago — now carries the Traditionalist label. The drop reflects not a weakening of conviction, but a failure to project that conviction outward.</p>
<div class="lb-trans"><p>最引人注目的变化属于瑞银资产管理，该公司从第二名跌至第七名，并在此过程中失去了先锋派的分类。这家曾在两年前位列瑞士第一的公司，现在被贴上了传统派的标签。这一下降反映的不是信念的减弱，而是未能将这种信念向外传播。</p>
</div><p>LGT Capital Partners enters the Swiss Top 10 for the first time, displacing Lombard Odier Investment Managers.</p>
<div class="lb-trans"><p>LGT Capital Partners 首次进入瑞士前十名，取代了 Lombard Odier Investment Managers。</p>
</div><p><strong>France Overtakes Japan</strong></p>
<div class="lb-trans"><p><strong>法国超越日本</strong></p>
</div><p>At the global level, DPAM leads the overall ranking, followed by Pictet Asset Management and Candriam — two firms that have appeared in the global Top 10 without interruption since the first RIBI edition in 2018.</p>
<div class="lb-trans"><p>在全球层面，DPAM 在整体排名中领先，其次是 Pictet Asset Management 和 Candriam——这两家公司自 2018 年第一版 RIBI 以来一直出现在全球前十名中。</p>
</div><p>At the country level, France overtakes Japan as the world's leading nation for the first time, with 52 percent of its firms classified as Avant-Gardists. Southern Europe records the strongest score improvement of any region, up 17 percent. The US remains the weakest developed market, with a Commitment score of just 1.53.</p>
<div class="lb-trans"><p>在国家层面，法国首次超越日本，成为全球领先国家，52% 的公司被归类为先锋派。南欧的得分提升幅度最大，增长了 17%。美国仍然是最弱的发达市场，承诺得分仅为 1.53。</p>
</div><p><strong>A Culture Worth Building</strong></p>
<div class="lb-trans"><p><strong>值得建设的文化</strong></p>
</div><p><strong>Jean-François Hirschel</strong>, co-founder of the RIBI and chief executive of H-Ideas, offers a pointed conclusion: «A well-defined brand is not a marketing tool. It is a promise — and the most valuable one an asset manager can make.»</p>
<div class="lb-trans"><p><strong>Jean-François Hirschel</strong>，RIBI 的联合创始人及 H-Ideas 的首席执行官，给出了尖锐的结论：“一个明确的品牌不是一种营销工具。它是一种承诺——也是资产管理公司能做出的最有价值的承诺。”</p>
</div><p>Co-author <strong>Markus Kramer</strong> adds: «Knowing what you stand for, and communicating it with conviction, builds a resilient culture, attracts the right talent, and earns the kind of trust that no price war can replace.»</p>
<div class="lb-trans"><p>联合作者 <strong>Markus Kramer</strong> 补充道：“知道你所代表的是什么，并以信念进行沟通，建立了一个有韧性的文化，吸引了合适的人才，并赢得了任何价格战无法替代的信任。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.finews.com/images/news/2026/04/markusandjf.jpg" alt="" original-src="https://www.finews.com/images/news/2026/04/markusandjf.jpg"/></p>
<p><em>RIBI founders Jean-François Hirschel (left) and Markus Kramer. (Image: provided)</em></p>
<div class="lb-trans"><p><em>RIBI 创始人 Jean-François Hirschel（左）和 Markus Kramer。（图片：提供）</em></p>
</div><p><strong>Valuable, but Not Without Limits</strong></p>
<div class="lb-trans"><p><strong>有价值，但并非没有限制</strong></p>
</div><p>The RIBI fills a genuine gap and has delivered directionally useful trend data across eight editions.</p>
<div class="lb-trans"><p>RIBI 填补了一个真实的空白，并在八个版本中提供了方向性有用的趋势数据。</p>
</div><p>That said, the Commitment score relies exclusively on PRI transparency reports. Any firm that has not signed the PRI automatically receives a zero — regardless of how seriously it actually pursues responsible investing. This implicitly treats PRI membership as a proxy for quality, a premise that invites debate.</p>
<div class="lb-trans"><p>尽管如此，承诺得分完全依赖于 PRI 透明度报告。任何未签署 PRI 的公司自动获得零分——无论其实际追求负责任投资的程度如何。这隐含地将 PRI 会员资格视为质量的代理，这一前提引发了争论。</p>
</div><p><strong>A Useful Compass</strong></p>
<div class="lb-trans"><p><strong>一个有用的指南针</strong></p>
</div><p>The Brand score likewise applies highly formalized criteria: whether a purpose statement is concise, begins with a verb, and expresses societal ambition.</p>
<div class="lb-trans"><p>品牌得分同样适用高度正式化的标准：目的声明是否简洁，是否以动词开头，以及是否表达社会雄心。</p>
</div><p>Caveats aside, the RIBI remains, a singular quantitative instrument and a genuinely useful compass for the industry. finews previously covered the 2025 edition.</p>
<div class="lb-trans"><p>尽管有这些警告，RIBI 仍然是一个独特的定量工具，是行业真正有用的指南针。finews 之前报道了 2025 年版。</p>
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负责任投资：瑞银资产管理失去了先锋地位