Using the Hyperlink manager in a RibbonBar toolbar, causes the selection to be lost. By that, adding a hyperlink to an image, the link is inserted to the content, but it does not wrap the image element. The behavior is different across IE versions. Under IE11, the link seems to disappear.
The issue has been resolved and the fix will be available in the next official release (Q2 2015) as well as in the internal builds.