The investment risk of wealth management products is shared by financial markets and various participants. On the one hand, the assets invested by bank wealth management products involve stocks, bonds, real estate and other fields. The price changes in these fields are affected by macroeconomic, policy formulation, market supply and demand and other factors, and the fluctuation of asset prices is unpredictable; On the other hand, fund managers may also make mistakes in asset allocation and trading decisions.

As far as the case you mentioned is concerned, Mr. Li from Beijing invested RMB 1.4598 million in the private equity fund, and finally only redeemed the amount of RMB 1.285, that is, the loss exceeded 9 1%. In this case, there may be many reasons for the loss, including but not limited to:

1. Market risk: During the four-year operation of private equity funds, the prices of stocks, bonds, real estate and other assets in the market may fluctuate greatly due to various factors, which will lead to changes in the portfolio value of the funds.

2. Investment decision-making restrictions of fund managers: Fund managers may be subject to some investment restrictions or constraints, such as avoiding certain industries or sectors and controlling the proportion of individual investments, which may affect the allocation and income performance of funds.

3. Fund managers' investment decision-making mistakes: Fund managers may also make mistakes in choosing investment targets, trading time and trading price. , resulting in a decline in the value of the fund's portfolio.

In short, the investment risk of bank wealth management products is composed of many factors, and the money that ultimately loses is not earned by anyone, but disappears in market fluctuations and investment decisions. Therefore, when investing in wealth management products, we need to carefully consider the trade-off between risks and benefits, avoid blindly pursuing high returns, and guard against investment risks.