Hall of Shame

Invested in cluster bomb producers


The 2018 update of the report shows that 88 financial institutions from around the world invested US$ 9 billion in 7 companies involved in the production of cluster munitions since June 2015.

Find out whether your bank, insurance company or pension fund is investing in cluster bomb producers in the Hall of Shame.

View all investments here

Number of investors from States Party to the CCM and states not party to the CCM in the Hall of Shame in the reports since 2009

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The table below shows all investments in the 7 companies on the red flag list of cluster munition producers (including investments below the threshold, see the methodology for more information).

To access all investments in Orbital ATK, Textron and Elbit Systems, please see here.

Investments in cluster munition producers - 2018

This table shows all investments found in the 7 producers of cluster munitions listed in the 2018 update of Worldwide Investments in Cluster Munitions. All amounts are in US$ millions.

For practical reasons, the report's Hall of Shame uses a threshold for including share- and bondholdings. This table shows all investments found, including both those listed in the report's Hall of Shame and the investments not listed in the report because of the threshold applied.

Financial institutionCountryTotal investedAvibras Indústria AeroespacialBharat DynamicsChina Aerospace Science & IndustryHanwhaLig Nex1NorincoPoongsanIncluded in the Hall of Shame?
Agricultural Bank of ChinaChina131.3757.6873.69Hall of Shame
Anbang Insurance GroupChina9.463.942.023.5Hall of Shame
AQR Capital ManagementUnited States9.199.19Hall of Shame
Bank of BeijingChina5.125.12Hall of Shame
Bank of ChangshaChina25.825.8Hall of Shame
Bank of ChinaChina402.55288.45114.1Hall of Shame
Bank of CommunicationsChina152.7779.0973.69Hall of Shame
Bank of New York MellonUnited States1.141.14Hall of Shame
Bank of NingboChina60.5460.54Hall of Shame
Beijing Capital GroupChina100.1239.5960.54Hall of Shame
BlackRockUnited States70.5253.354.7412.43Hall of Shame
California Public Employees' Retirement SystemUnited States10.817.51.581.73Hall of Shame
Cape Investment & SecuritiesSouth Korea8.898.89Hall of Shame
Causeway Capital ManagementUnited States25.1525.15Hall of Shame
Cheonanbukil Foundation SchoolSouth Korea52.7252.72Hall of Shame
China Construction BankChina949.67309.85639.82Hall of Shame
China Development BankChina74.3239.5934.74Hall of Shame
China Everbright GroupChina73.6973.69Hall of Shame
China Guangfa BankChina38.9538.95Hall of Shame
China Investment SecuritiesChina5.125.12Hall of Shame
China Merchants GroupChina939.939.59900.32Hall of Shame
China Minsheng BankingChina157.1757.6899.49Hall of Shame
CITICChina336.5536.2300.36Hall of Shame
CitigroupUnited States89.6289.62Hall of Shame
City of London Investment GroupUnited Kingdom3.60.622.97Hall of Shame
Consus Asset ManagementSouth Korea2.342.34Hall of Shame
CSC FinancialChina474.69153.66321.03Hall of Shame
Daishin SecuritiesSouth Korea60.9138.3822.53Hall of Shame
Dimensional Fund AdvisorsUnited States104.9970.566.727.72Hall of Shame
Dongbu GroupSouth Korea13.5213.52Hall of Shame
Donghai SecuritiesChina127.8462.1865.66Hall of Shame
Eugene Investment & SecuritiesSouth Korea26.226.2Hall of Shame
Evergrowing BankChina5.125.12Hall of Shame
Fidelity InvestmentsUnited States1.091.09Hall of Shame
Florida State Board of AdministrationUnited States13.9310.823.1Hall of Shame
GF SecuritiesChina260.5260.5Hall of Shame
GICSingapore73.2373.23Hall of Shame
GMOUnited States4.313.031.29Hall of Shame
Guotai Junan SecuritiesChina325.24325.24Hall of Shame
Hana FinancialSouth Korea94.619.1145.2940.21Hall of Shame
Hankou BankChina60.5460.54Hall of Shame
Hanwha GroupSouth Korea274.81216.3658.45Hall of Shame
Hanyang SecuritiesSouth Korea65.8421.1944.64Hall of Shame
Housing Development Finance CorporationIndia25.6125.61Hall of Shame
Hyundai GroupSouth Korea72.3841.8330.55Hall of Shame
Hyundai Heavy IndustriesSouth Korea8.678.67Hall of Shame
IDBI BankIndia36.9736.97Hall of Shame
Industrial and Commercial Bank of ChinaChina171.7857.68114.1Hall of Shame
Industrial Bank of KoreaSouth Korea39.1739.17Hall of Shame
KB Financial GroupSouth Korea238.8146.3971.6520.76Hall of Shame
KDB Financial GroupSouth Korea13.5213.52Hall of Shame
Kiwoom SecuritiesSouth Korea83.0181.221.79Hall of Shame
Korea Investment HoldingsSouth Korea286.52117.01118.6150.9Hall of Shame
LemanikSwitzerland1.451.45Hall of Shame
LIG GroupSouth Korea39.0225.513.52Hall of Shame
MassMutual FinancialUnited States2.272.27Hall of Shame
Matthews International Capital ManagementUnited States2.352.35Hall of Shame
Midas International Asset ManagementSouth Korea2.382.38Hall of Shame
Mirae Asset Financial GroupSouth Korea201.3298.398.424.6Hall of Shame
National Pension ServiceSouth Korea426.79221.0165.75140.02Hall of Shame
New York Life InsuranceUnited States3.53.5Hall of Shame
NongHyup FinancialSouth Korea526.56109.88360.456.28Hall of Shame
Northern TrustUnited States0.980.98Hall of Shame
Norwegian Government Pension Fund - GlobalNorway4.44.4Hall of Shame
Old MutualUnited Kingdom10.7810.78Hall of Shame
Orient SecuritiesChina22.5922.59Hall of Shame
People's Insurance CompanyChina39.5939.59Hall of Shame
Ping An Insurance GroupChina75.7875.78Hall of Shame
Power Financial CorporationCanada3.313.31Hall of Shame
Ryukyung PSG Asset ManagementSouth Korea2.022.02Hall of Shame
Safra GroupBrazil4.714.71Hall of Shame
Samsung GroupSouth Korea26.4414.673.847.93Hall of Shame
Shenwan Hongyuan GroupChina105.2539.5965.66Hall of Shame
Shinhan Financial GroupSouth Korea106.3257.228.8940.21Hall of Shame
Shinyoung SecuritiesSouth Korea83.2330.019.2543.98Hall of Shame
SK SecuritiesSouth Korea76.058.967.15Hall of Shame
St. James's Place Wealth ManagementUnited Kingdom2.272.27Hall of Shame
State Bank of IndiaIndia73.9473.94Hall of Shame
State StreetUnited States2.862.86Hall of Shame
T. Rowe PriceUnited States9.129.12Hall of Shame
TIAAUnited States13.985.238.76Hall of Shame
VanguardUnited States79.1152.511.0215.58Hall of Shame
Victorian Funds Management CorporationAustralia1.61.6Hall of Shame
Victory CapitalUnited States5.745.74Hall of Shame
Wellington ManagementUnited States2.122.12Hall of Shame
William Blair & CompanyUnited States1.561.56Hall of Shame
Yes BankIndia36.9736.97Hall of Shame
Yuanta FinancialTaiwan87.9656.2231.74Hall of Shame
Affiliated Managers GroupUnited States0.190.19Below Threshold
AGF ManagementCanada00Below Threshold
AJOUnited States0.070.07Below Threshold
AllianzGermany0.170.17Below Threshold
American Century InvestmentsUnited States0.060.06Below Threshold
Ameriprise FinancialUnited States00Below Threshold
Arca SGRItaly1.231.23Below Threshold
Ariel Capital HoldingsUnited States0.010.01Below Threshold
AssetPlus Investment ManagementSouth Korea1.311.31Below Threshold
AvivaUnited Kingdom0.060.06Below Threshold
AXAFrance1.821.82Below Threshold
BailardUnited States0.690.69Below Threshold
Baillie GiffordUnited Kingdom0.540.54Below Threshold
Bank of New York MellonUnited States1.160.730.43Below Threshold
Bessemer GroupUnited States0.020.02Below Threshold
BMO Financial GroupCanada0.130.13Below Threshold
BPCE GroupFrance0.060.06Below Threshold
Caledonia InvestmentsUnited Kingdom0.020.02Below Threshold
Charles SchwabUnited States3.592.470.470.64Below Threshold
Clarivest Asset ManagementUnited States0.420.42Below Threshold
Consus Asset ManagementSouth Korea0.020.010.01Below Threshold
CPP Investment BoardCanada0.560.56Below Threshold
Crédit AgricoleFrance0.970.97Below Threshold
Credit SuisseSwitzerland0.230.23Below Threshold
Daishin SecuritiesSouth Korea1.170.510.440.21Below Threshold
Deutsche BankGermany1.091.09Below Threshold
DGB Financial GroupSouth Korea0.120.12Below Threshold
Dongbu GroupSouth Korea0.020.020.01Below Threshold
Eaton VanceUnited States1.611.61Below Threshold
Enhanced Investment ProductsChina0.020.010Below Threshold
Eugene Investment & SecuritiesSouth Korea0.020.02Below Threshold
Fidelity InternationalUnited Kingdom00Below Threshold
Fidelity InvestmentsUnited States1.031.03Below Threshold
First Trust AdvisorsUnited States0.10.040.06Below Threshold
Geode Capital ManagementUnited States2.342.330.01Below Threshold
GlobeFlex CapitalUnited States0.070.07Below Threshold
Goldman SachsUnited States1.911.91Below Threshold
Hanwha GroupSouth Korea0.920.92Below Threshold
HDC Asset ManagementSouth Korea0.210.170.04Below Threshold
Hyundai GroupSouth Korea0.330.120.20.01Below Threshold
Hyundai Heavy IndustriesSouth Korea2.321.850.48Below Threshold
Industrial Bank of KoreaSouth Korea0.70.210.49Below Threshold
Intesa SanpaoloItaly0.210.21Below Threshold
InvescoUnited Kingdom1. Threshold
Janus HendersonUnited Kingdom0.080.08Below Threshold
JPMorgan ChaseUnited States1.641.64Below Threshold
KB Financial GroupSouth Korea2.712.010.7Below Threshold
Kiwoom SecuritiesSouth Korea1.81.340.47Below Threshold
Koreit Asset ManagementSouth Korea0.780.30.48Below Threshold
KTB Investment & SecuritiesSouth Korea0.030.020.01Below Threshold
Kyobo AXA Investment ManagersSouth Korea1.870.850.30.71Below Threshold
LazardUnited States0.040.04Below Threshold
Legal & GeneralUnited Kingdom1.161.16Below Threshold
Lincoln Financial GroupUnited States0.130.070.06Below Threshold
Macquarie GroupAustralia11Below Threshold
MassMutual FinancialUnited States0.370.330.05Below Threshold
Midas International Asset ManagementSouth Korea0.230.20.03Below Threshold
Mitsubishi UFJ FinancialJapan0.180.18Below Threshold
Mizuho FinancialJapan0. Threshold
Morgan StanleyUnited States00Below Threshold
Morval VonwillerSwitzerland0.310.31Below Threshold
MultiAsset Vermögens-ManagementGermany0. Threshold
Nippon Life InsuranceJapan1.031.03Below Threshold
NomuraJapan0.080.08Below Threshold
NongHyup FinancialSouth Korea0.090.09Below Threshold
Northern TrustUnited States1.311.30.02Below Threshold
Orix CorporationJapan0.330.33Below Threshold
Oversea-Chinese Banking CorporationChina0.120.12Below Threshold
PictetSwitzerland0.410.41Below Threshold
Pine Asia Asset ManagementSouth Korea0.010.01Below Threshold
Plus Asset Management CompanySouth Korea0.210.030.18Below Threshold
Power Financial CorporationCanada0.030.03Below Threshold
Prudential (UK)United Kingdom0. Threshold
Prudential Financial (US)United States0.380.38Below Threshold
Research AffiliatesUnited States2.742.74Below Threshold
Royal London GroupUnited Kingdom11Below Threshold
SanlamSouth Africa0.020.02Below Threshold
ScotiabankCanada1.061.06Below Threshold
SEIUnited States0.10.1Below Threshold
Shinhan Financial GroupSouth Korea0.130.13Below Threshold
SPARXJapan0.010.01Below Threshold
Standard Life AberdeenUnited Kingdom0.250.25Below Threshold
State StreetUnited States1.090.230.86Below Threshold
Sun Life FinancialCanada00Below Threshold
T. Rowe PriceUnited States0.770.77Below Threshold
Taekwang GroupSouth Korea0.460.450.01Below Threshold
TemasekSingapore0.480.48Below Threshold
The Investment Fund for FoundationsUnited States0.80.8Below Threshold
Thomas White InternationalUnited States0.140.14Below Threshold
TIAAUnited States0.30.3Below Threshold
Toronto-Dominion BankCanada0.660.66Below Threshold
Truston Asset ManagementSouth Korea0.760.7500Below Threshold
UBSSwitzerland0.640.630.01Below Threshold
University of Wisconsin-MadisonUnited States0.270.27Below Threshold
Vident FinancialUnited States2.042.04Below Threshold
Voya FinancialUnited States0.40.160.24Below Threshold
Wellington ManagementUnited States0.50.070.43Below Threshold
Wells FargoUnited States0.030.03Below Threshold
Wintrust Financial CorporationUnited States0.580.58Below Threshold
WisdomTree InvestmentsUnited States0.020.010.01Below Threshold
York Capital ManagementUnited States0.570.57Below Threshold
Yurie Asset ManagementSouth Korea0.910.260.030.62Below Threshold
Zürcher KantonalbankSwitzerland0.010.01Below Threshold
Grand Total Hall of Shame8785.184.71173.491398.791695.481058.983723.8729.94Total investments listed in the Hall of Shame

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The investments we find are loans and other forms of credits (commercial banking), underwriting of share and bond issuances (investment banking), investments in shares and bonds (asset management) and other financial services. This can be done by financial institutions on their own behalf or on behalf of third parties. Any kind of financial link with a cluster munitions producer is considered and investment in this report. Research company Profundo compiled this list of financial institutions based on information derived from stock exchange filings and other publications by financial institutions and cluster munition producers, as well as from databases with information supplied by financial institutions.

It is important to stress from the outset that our list is not exhaustive, not only because the sources are inherently limited to information that is somehow in the public domain, but because we apply a threshold when including investments for readability purposes.

We list investors financially involved in the Red Flag List of cluster munitions producers. The following factors are irrelevant to our definition:

– The investor’s importance for the cluster munitions producer;

– The investment’s importance for the investor’s portfolio;

– The contribution of cluster munitions production to the company’s total turnover; or

– The cluster munitions producer’s other activities.

We include all these financial links because it is impossible for a financial institution to be sure that the financial services it provides a company will not be used to produce cluster munitions. There is no way to prevent a company from legally reallocating capital within a group. Clauses in a  general corporate loan contract that prohibit companies from using borrowed or invested funds to manufacture cluster munitions, or that restrict a company’s use of the financing to civilian projects will not prevent the money from being used to manufacture cluster munitions.


We apply a threshold for the inclusion of investment in shares and bonds in the Hall of Shame, which means we do not list these investments if they fall below the threshold. We do this for pragmatic reasons, including the readability of this report. Due to the different shareholding structure in the various companies, we chose a 0.1% floor limit for the Asian companies and a 1% limit for the other companies.

Researched time frame

We included all credits and underwriting activities dated after 1 June 2015 for which we found information. We also included all latest data on shareholdings and bond holdings available until 1 June 2018.