In the current climate of skepticism toward ESG investing, the 2025 edition of the Responsible Investment Brand Index (RIBI) offers a different kind of benchmark: not what asset managers claim to do, but how consistently they incorporate responsible investment into their brand identity.

The index evaluates 623 firms globally based on two dimensions — «Commitment» to responsible investing, and how clearly this is reflected in their brand and communications. Firms scoring above average in both are classified as «Avant-Gardists.» The global Top 10 are:

1. DPAM
2. CANDRIAM
3. Pictet Asset Management
4. UBS Asset Management
5. Nordea Asset Management
6. Nuveen
7. Mirova
8. Robeco
9. Triodos Asset Management
10. WHEB Asset Management

Swiss Firms: Changes at the Top

In Switzerland, UBS Asset Management and Pictet Asset Management again top the national ranking, swapping places compared to last year.

Mirabaud Asset Management returns to the Swiss Top 10 with high scores for both commitment and brand articulation. Banque Cantonale Vaudoise (BCV) enters the Top 10 for the first time. Meanwhile, Unigestion and Edmond de Rothschild AM drop out. The latter still performs well on engagement, but its recent brand repositioning apparently did not resonate with the index’s methodology.

The top performing Swiss asset managers in the 2025 RIBI index are (in brackets: last year's rank):

1. Pictet Asset Management (2)
2. UBS Asset Management (1)
3. Mirabaud Asset Management (n.a.)
4. Partners Group (3)
5. Zürcher Kantonalbank (5)
6. Vontobel (8.)
7. Zurich Invest (4.)
8. GAM Holding (9.)
9. Banque Cantonale Vaudoise (n.a.)
10. Lombard Odier Investment Management (7.)

ESG Debate in the Background

According to the authors, Jean-François Hirschel and Markus Kramer, competition among leading firms is tight: small differences in brand positioning and expression can lead to significant shifts in the ranking. In Mirabaud's case, a stable commitment profile and stronger brand development drove the improvement.

The index’s release comes at a time of intensified scrutiny around ESG. Political pushback, lack of standardisation, and performance concerns have prompted some asset managers to distance themselves from earlier pledges. The authors argue that this exposes a divide between those with embedded values and those who treat ESG more as a communications exercise. RIBI explicitly moves beyond ESG labels. Instead, it focuses on whether firms articulate a consistent purpose and whether this is visible in their brand and corporate culture.

Regional Dynamics

Europe remains the leading region in the global ranking. Japan stands out as the top-performing country, with no companies in the lowest category («Laggards»). The United States, by contrast, has the highest concentration of lagging firms despite representing the largest asset management market globally. China, while still catching up, continues to improve and now scores better overall than the U.S.

Only 45 percent of the firms evaluated expressed a value system that clearly distinguishes them. While more than half of firms now claim to have a purpose statement, many fall short of integrating this into a coherent identity.

The authors describe the index as both a «mirror and a map»: it reflects the current fragmentation of the industry, and shows which firms are likely to gain trust through consistency rather than messaging.