<p>資產管理公司對負責任投資的承諾有多大，他們在品牌中有效地反映這種承諾的程度如何？這是《負責任投資品牌指數》（RIBI）第八版背後的核心問題。該指數今天發佈，評估了全球 632 家資產管理公司。</p>
<p>該指數衡量兩個維度。</p>
<ul>
<li>第一個是承諾：對負責任投資的實際參與，使用負責任投資原則（PRI）透明度報告在五個類別中評估多達 300 個參數——從組織戰略和 ESG 整合到治理。</li>
<li>第二個是品牌：將這種承諾嵌入公司外部身份的能力，通過清晰闡述的目標、一致的價值體系和一致的定位。兩者的結合產生了四個類別：先鋒派、傳統派、追求者和滯後者。</li>
</ul>
<p><strong>ESG 面臨挑戰</strong></p>
<p>這一第八版在困難的環境中發佈。業績失望、關於 SFDR 2.0 等框架的監管混亂，以及在美國日益政治化的辯論——都給行業帶來了壓力。作者指出，曾經是行業廣泛動力來源的可持續性，已成為一個分歧點。</p>
<p>RIBI 故意將自己置於規範性辯論之外。它不評估 ESG 是否有效。它衡量信念與溝通之間的一致性。</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：承諾強，但品牌較弱。（圖片：提供）</em></p>
<p><strong>瑞士：實質強，信息傳播弱</strong></p>
<p>瑞士的承諾得分為 3.40，位列歐洲領先國家之列——遠高於全球平均水平 2.31。其品牌得分為 1.95，略高於平均水平 1.76，雖然可觀但並不突出。</p>
<p>RIBI 對瑞士章節的總結直言不諱：“他們可以更好地利用他們的品牌。” 一半的瑞士公司被歸類為傳統派——這些公司在內部工作出色，但在外部展示得太少。</p>
<p><strong>瑞銀資產管理的命運變化</strong></p>
<p>瑞士前十名排名在 2025 年和 2026 年之間的變化清晰地説明了這一點：</p>
<table>
<thead>
<tr>
<th>排名</th>
<th>RIBI 2025</th>
<th>類別</th>
<th>RIBI 2026</th>
<th>類別</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>Pictet Asset Management</td>
<td>先鋒派</td>
<td>Pictet Asset Management</td>
<td>先鋒派</td>
</tr>
<tr>
<td>2</td>
<td>UBS Asset Management</td>
<td>先鋒派</td>
<td>Mirabaud Asset Management</td>
<td>先鋒派</td>
</tr>
<tr>
<td>3</td>
<td>Mirabaud Asset Management</td>
<td>先鋒派</td>
<td>Partners Group</td>
<td>先鋒派</td>
</tr>
<tr>
<td>4</td>
<td>Partners Group</td>
<td>先鋒派</td>
<td>Vontobel</td>
<td>先鋒派</td>
</tr>
<tr>
<td>5</td>
<td>Zuercher Kantonalbank</td>
<td>先鋒派</td>
<td>Zuercher Kantonalbank</td>
<td>先鋒派</td>
</tr>
<tr>
<td>6</td>
<td>Vontobel</td>
<td>先鋒派</td>
<td>GAM Holding</td>
<td>先鋒派</td>
</tr>
<tr>
<td>7</td>
<td>Zurich Invest</td>
<td>傳統派</td>
<td>UBS Asset Management</td>
<td>傳統派</td>
</tr>
<tr>
<td>8</td>
<td>GAM Holding</td>
<td>先鋒派</td>
<td>Banque Cantonale Vaudoise</td>
<td>先鋒派</td>
</tr>
<tr>
<td>9</td>
<td>Banque Cantonale Vaudoise</td>
<td>先鋒派</td>
<td>Zurich Invest</td>
<td>傳統派</td>
</tr>
<tr>
<td>10</td>
<td>Lombard Odier Investment Managers</td>
<td>傳統派</td>
<td>LGT Capital Partners</td>
<td>傳統派</td>
</tr>
<tr>
<td><em>來源：負責任投資品牌指數</em></td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<p>最引人注目的變化屬於瑞銀資產管理，該公司從第二名跌至第七名，並在此過程中失去了先鋒派的分類。這家曾在兩年前位列瑞士第一的公司，現在被貼上了傳統派的標籤。這一下降反映的不是信念的減弱，而是未能將這種信念向外傳播。</p>
<p>LGT Capital Partners 首次進入瑞士前十名，取代了 Lombard Odier Investment Managers。</p>
<p><strong>法國超越日本</strong></p>
<p>在全球層面，DPAM 在整體排名中領先，其次是 Pictet Asset Management 和 Candriam——這兩家公司自 2018 年第一版 RIBI 以來一直出現在全球前十名中。</p>
<p>在國家層面，法國首次超越日本，成為全球領先國家，52% 的公司被歸類為先鋒派。南歐的得分提升幅度最大，增長了 17%。美國仍然是最弱的發達市場，承諾得分僅為 1.53。</p>
<p><strong>值得建設的文化</strong></p>
<p><strong>Jean-François Hirschel</strong>，RIBI 的聯合創始人及 H-Ideas 的首席執行官，給出了尖鋭的結論：“一個明確的品牌不是一種營銷工具。它是一種承諾——也是資產管理公司能做出的最有價值的承諾。”</p>
<p>聯合作者 <strong>Markus Kramer</strong> 補充道：“知道你所代表的是什麼，並以信念進行溝通，建立了一個有韌性的文化，吸引了合適的人才，並贏得了任何價格戰無法替代的信任。”</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 創始人 Jean-François Hirschel（左）和 Markus Kramer。（圖片：提供）</em></p>
<p><strong>有價值，但並非沒有限制</strong></p>
<p>RIBI 填補了一個真實的空白，並在八個版本中提供了方向性有用的趨勢數據。</p>
<p>儘管如此，承諾得分完全依賴於 PRI 透明度報告。任何未簽署 PRI 的公司自動獲得零分——無論其實際追求負責任投資的程度如何。這隱含地將 PRI 會員資格視為質量的代理，這一前提引發了爭論。</p>
<p><strong>一個有用的指南針</strong></p>
<p>品牌得分同樣適用高度正式化的標準：目的聲明是否簡潔，是否以動詞開頭，以及是否表達社會雄心。</p>
<p>儘管有這些警告，RIBI 仍然是一個獨特的定量工具，是行業真正有用的指南針。finews 之前報道了 2025 年版。</p>

瑞銀集團

2 倍做多美國股息因子 ETN - ETRACS

<p>2026 年負責任投資品牌指數顯示，瑞銀資產管理的排名從第二下降至第七，因未能有效傳達其對負責任投資的承諾而失去了先鋒地位。儘管瑞士在承諾方面排名較高，但其品牌信息傳遞不足，導致一半的公司被歸類為傳統主義者。在全球範圍內，DPAM 位居榜首，法國超越日本成為負責任投資的領先國家。該指數強調了明確品牌的重要性，品牌作為一種承諾能夠建立信任並吸引人才</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>資產管理公司對負責任投資的承諾有多大，他們在品牌中有效地反映這種承諾的程度如何？這是《負責任投資品牌指數》（RIBI）第八版背後的核心問題。該指數今天發佈，評估了全球 632 家資產管理公司。</p>
</div><p>The index measures two dimensions.</p>
<div class="lb-trans"><p>該指數衡量兩個維度。</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>第一個是承諾：對負責任投資的實際參與，使用負責任投資原則（PRI）透明度報告在五個類別中評估多達 300 個參數——從組織戰略和 ESG 整合到治理。</li>
<li>第二個是品牌：將這種承諾嵌入公司外部身份的能力，通過清晰闡述的目標、一致的價值體系和一致的定位。兩者的結合產生了四個類別：先鋒派、傳統派、追求者和滯後者。</li>
</ul>
</div><p><strong>ESG Under Fire</strong></p>
<div class="lb-trans"><p><strong>ESG 面臨挑戰</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>這一第八版在困難的環境中發佈。業績失望、關於 SFDR 2.0 等框架的監管混亂，以及在美國日益政治化的辯論——都給行業帶來了壓力。作者指出，曾經是行業廣泛動力來源的可持續性，已成為一個分歧點。</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 故意將自己置於規範性辯論之外。它不評估 ESG 是否有效。它衡量信念與溝通之間的一致性。</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：承諾強，但品牌較弱。（圖片：提供）</em></p>
</div><p><strong>Switzerland: Strong on Substance, Quiet on Messaging</strong></p>
<div class="lb-trans"><p><strong>瑞士：實質強，信息傳播弱</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>瑞士的承諾得分為 3.40，位列歐洲領先國家之列——遠高於全球平均水平 2.31。其品牌得分為 1.95，略高於平均水平 1.76，雖然可觀但並不突出。</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 對瑞士章節的總結直言不諱：“他們可以更好地利用他們的品牌。” 一半的瑞士公司被歸類為傳統派——這些公司在內部工作出色，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>瑞銀資產管理的命運變化</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 年之間的變化清晰地説明了這一點：</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>類別</th>
<th>RIBI 2026</th>
<th>類別</th>
</tr>
</thead>
<tbody>
<tr>
<td>1</td>
<td>Pictet Asset Management</td>
<td>先鋒派</td>
<td>Pictet Asset Management</td>
<td>先鋒派</td>
</tr>
<tr>
<td>2</td>
<td>UBS Asset Management</td>
<td>先鋒派</td>
<td>Mirabaud Asset Management</td>
<td>先鋒派</td>
</tr>
<tr>
<td>3</td>
<td>Mirabaud Asset Management</td>
<td>先鋒派</td>
<td>Partners Group</td>
<td>先鋒派</td>
</tr>
<tr>
<td>4</td>
<td>Partners Group</td>
<td>先鋒派</td>
<td>Vontobel</td>
<td>先鋒派</td>
</tr>
<tr>
<td>5</td>
<td>Zuercher Kantonalbank</td>
<td>先鋒派</td>
<td>Zuercher Kantonalbank</td>
<td>先鋒派</td>
</tr>
<tr>
<td>6</td>
<td>Vontobel</td>
<td>先鋒派</td>
<td>GAM Holding</td>
<td>先鋒派</td>
</tr>
<tr>
<td>7</td>
<td>Zurich Invest</td>
<td>傳統派</td>
<td>UBS Asset Management</td>
<td>傳統派</td>
</tr>
<tr>
<td>8</td>
<td>GAM Holding</td>
<td>先鋒派</td>
<td>Banque Cantonale Vaudoise</td>
<td>先鋒派</td>
</tr>
<tr>
<td>9</td>
<td>Banque Cantonale Vaudoise</td>
<td>先鋒派</td>
<td>Zurich Invest</td>
<td>傳統派</td>
</tr>
<tr>
<td>10</td>
<td>Lombard Odier Investment Managers</td>
<td>傳統派</td>
<td>LGT Capital Partners</td>
<td>傳統派</td>
</tr>
<tr>
<td><em>來源：負責任投資品牌指數</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>最引人注目的變化屬於瑞銀資產管理，該公司從第二名跌至第七名，並在此過程中失去了先鋒派的分類。這家曾在兩年前位列瑞士第一的公司，現在被貼上了傳統派的標籤。這一下降反映的不是信念的減弱，而是未能將這種信念向外傳播。</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 首次進入瑞士前十名，取代了 Lombard Odier Investment Managers。</p>
</div><p><strong>France Overtakes Japan</strong></p>
<div class="lb-trans"><p><strong>法國超越日本</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>在全球層面，DPAM 在整體排名中領先，其次是 Pictet Asset Management 和 Candriam——這兩家公司自 2018 年第一版 RIBI 以來一直出現在全球前十名中。</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>在國家層面，法國首次超越日本，成為全球領先國家，52% 的公司被歸類為先鋒派。南歐的得分提升幅度最大，增長了 17%。美國仍然是最弱的發達市場，承諾得分僅為 1.53。</p>
</div><p><strong>A Culture Worth Building</strong></p>
<div class="lb-trans"><p><strong>值得建設的文化</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 的聯合創始人及 H-Ideas 的首席執行官，給出了尖鋭的結論：“一個明確的品牌不是一種營銷工具。它是一種承諾——也是資產管理公司能做出的最有價值的承諾。”</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>聯合作者 <strong>Markus Kramer</strong> 補充道：“知道你所代表的是什麼，並以信念進行溝通，建立了一個有韌性的文化，吸引了合適的人才，並贏得了任何價格戰無法替代的信任。”</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 創始人 Jean-François Hirschel（左）和 Markus Kramer。（圖片：提供）</em></p>
</div><p><strong>Valuable, but Not Without Limits</strong></p>
<div class="lb-trans"><p><strong>有價值，但並非沒有限制</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 填補了一個真實的空白，並在八個版本中提供了方向性有用的趨勢數據。</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>儘管如此，承諾得分完全依賴於 PRI 透明度報告。任何未簽署 PRI 的公司自動獲得零分——無論其實際追求負責任投資的程度如何。這隱含地將 PRI 會員資格視為質量的代理，這一前提引發了爭論。</p>
</div><p><strong>A Useful Compass</strong></p>
<div class="lb-trans"><p><strong>一個有用的指南針</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>品牌得分同樣適用高度正式化的標準：目的聲明是否簡潔，是否以動詞開頭，以及是否表達社會雄心。</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>儘管有這些警告，RIBI 仍然是一個獨特的定量工具，是行業真正有用的指南針。finews 之前報道了 2025 年版。</p>
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負責任投資：瑞銀資產管理失去了先鋒地位