8000亿巨头的困局：工银瑞信规模停滞、业绩疲软与人才出走
Zhong Guo Neng Yuan Wang·2026-01-19 09:21

Core Insights - ICBC Credit Suisse Asset Management Co., Ltd. (ICBC Credit Suisse) has faced significant challenges, including stagnation in growth, weak equity performance, and talent loss, despite its rapid rise in the past [1] Group 1: Scale Challenges - ICBC Credit Suisse's asset management scale reached 800 billion yuan in 2021 but has seen minimal growth since, projected to only increase to 864.2 billion yuan by the end of 2025, while the overall public fund industry grew by 42% during the same period [2] - The company's ranking in the industry has dropped from 9th in 2021 to 14th by the end of 2025, indicating a diminishing competitive edge [2] - New product launches have declined since 2021, with active equity business shrinking significantly, which is critical for assessing the company's investment research capabilities [2][4] Group 2: Performance Issues - From 2022 to 2023, ICBC Credit Suisse's funds incurred substantial losses totaling 45.016 billion yuan, with 36.541 billion yuan in 2022 and 8.575 billion yuan in 2023, marking a period of severe scale contraction [5] - In 2024, the market recovery allowed the company to achieve a profit of 25.755 billion yuan, leading to a slight rebound in scale [5] - The long-term performance of equity products has been underwhelming, with annualized returns for stock and mixed funds ranking 53rd and 33rd in the industry, respectively, during the market recovery in 2024 [5] Group 3: Talent Loss - Since 2022, 18 fund managers have left ICBC Credit Suisse, including key figures, leading to a significant talent drain [7] - The departure of prominent managers has resulted in a gap in the investment research system, particularly affecting the company's ability to capitalize on key investment opportunities in sectors like technology and new energy [7][8] - The company has attempted to fill the talent gap by hiring 50 new fund managers, primarily from within, but these individuals lack the experience needed to quickly replace the lost expertise [7][8]