Hall of Shame

US$
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

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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 institution	Country	Total invested	Avibras Indústria Aeroespacial	Bharat Dynamics	China Aerospace Science & Industry	Hanwha	Lig Nex1	Norinco	Poongsan	Included in the Hall of Shame?
Agricultural Bank of China	China	131.37			57.68			73.69		Hall of Shame
Anbang Insurance Group	China	9.46				3.94	2.02		3.5	Hall of Shame
AQR Capital Management	United States	9.19				9.19				Hall of Shame
Bank of Beijing	China	5.12						5.12		Hall of Shame
Bank of Changsha	China	25.8						25.8		Hall of Shame
Bank of China	China	402.55			288.45			114.1		Hall of Shame
Bank of Communications	China	152.77			79.09			73.69		Hall of Shame
Bank of New York Mellon	United States	1.14							1.14	Hall of Shame
Bank of Ningbo	China	60.54						60.54		Hall of Shame
Beijing Capital Group	China	100.12			39.59			60.54		Hall of Shame
BlackRock	United States	70.52				53.35	4.74		12.43	Hall of Shame
California Public Employees' Retirement System	United States	10.81				7.5	1.58		1.73	Hall of Shame
Cape Investment & Securities	South Korea	8.89				8.89				Hall of Shame
Causeway Capital Management	United States	25.15				25.15				Hall of Shame
Cheonanbukil Foundation School	South Korea	52.72				52.72				Hall of Shame
China Construction Bank	China	949.67			309.85			639.82		Hall of Shame
China Development Bank	China	74.32			39.59			34.74		Hall of Shame
China Everbright Group	China	73.69						73.69		Hall of Shame
China Guangfa Bank	China	38.95						38.95		Hall of Shame
China Investment Securities	China	5.12						5.12		Hall of Shame
China Merchants Group	China	939.9			39.59			900.32		Hall of Shame
China Minsheng Banking	China	157.17			57.68			99.49		Hall of Shame
CITIC	China	336.55			36.2			300.36		Hall of Shame
Citigroup	United States	89.62					89.62			Hall of Shame
City of London Investment Group	United Kingdom	3.6				0.62	2.97			Hall of Shame
Consus Asset Management	South Korea	2.34					2.34			Hall of Shame
CSC Financial	China	474.69			153.66			321.03		Hall of Shame
Daishin Securities	South Korea	60.91				38.38	22.53			Hall of Shame
Dimensional Fund Advisors	United States	104.99				70.56	6.7		27.72	Hall of Shame
Dongbu Group	South Korea	13.52					13.52			Hall of Shame
Donghai Securities	China	127.84			62.18			65.66		Hall of Shame
Eugene Investment & Securities	South Korea	26.2				26.2				Hall of Shame
Evergrowing Bank	China	5.12						5.12		Hall of Shame
Fidelity Investments	United States	1.09							1.09	Hall of Shame
Florida State Board of Administration	United States	13.93				10.82			3.1	Hall of Shame
GF Securities	China	260.5						260.5		Hall of Shame
GIC	Singapore	73.23					73.23			Hall of Shame
GMO	United States	4.31				3.03			1.29	Hall of Shame
Guotai Junan Securities	China	325.24						325.24		Hall of Shame
Hana Financial	South Korea	94.61				9.11	45.29		40.21	Hall of Shame
Hankou Bank	China	60.54						60.54		Hall of Shame
Hanwha Group	South Korea	274.81				216.36			58.45	Hall of Shame
Hanyang Securities	South Korea	65.84				21.19			44.64	Hall of Shame
Housing Development Finance Corporation	India	25.61		25.61						Hall of Shame
Hyundai Group	South Korea	72.38				41.83			30.55	Hall of Shame
Hyundai Heavy Industries	South Korea	8.67				8.67				Hall of Shame
IDBI Bank	India	36.97		36.97						Hall of Shame
Industrial and Commercial Bank of China	China	171.78			57.68			114.1		Hall of Shame
Industrial Bank of Korea	South Korea	39.17				39.17				Hall of Shame
KB Financial Group	South Korea	238.8				146.39	71.65		20.76	Hall of Shame
KDB Financial Group	South Korea	13.52					13.52			Hall of Shame
Kiwoom Securities	South Korea	83.01				81.22			1.79	Hall of Shame
Korea Investment Holdings	South Korea	286.52				117.01	118.61		50.9	Hall of Shame
Lemanik	Switzerland	1.45							1.45	Hall of Shame
LIG Group	South Korea	39.02				25.5	13.52			Hall of Shame
MassMutual Financial	United States	2.27							2.27	Hall of Shame
Matthews International Capital Management	United States	2.35					2.35			Hall of Shame
Midas International Asset Management	South Korea	2.38							2.38	Hall of Shame
Mirae Asset Financial Group	South Korea	201.32				98.3	98.42		4.6	Hall of Shame
National Pension Service	South Korea	426.79				221.01	65.75		140.02	Hall of Shame
New York Life Insurance	United States	3.5				3.5				Hall of Shame
NongHyup Financial	South Korea	526.56				109.88	360.4		56.28	Hall of Shame
Northern Trust	United States	0.98							0.98	Hall of Shame
Norwegian Government Pension Fund - Global	Norway	4.4					4.4			Hall of Shame
Old Mutual	United Kingdom	10.78				10.78				Hall of Shame
Orient Securities	China	22.59			22.59					Hall of Shame
People's Insurance Company	China	39.59			39.59					Hall of Shame
Ping An Insurance Group	China	75.78			75.78					Hall of Shame
Power Financial Corporation	Canada	3.31				3.31				Hall of Shame
Ryukyung PSG Asset Management	South Korea	2.02				2.02				Hall of Shame
Safra Group	Brazil	4.71	4.71							Hall of Shame
Samsung Group	South Korea	26.44				14.67	3.84		7.93	Hall of Shame
Shenwan Hongyuan Group	China	105.25			39.59			65.66		Hall of Shame
Shinhan Financial Group	South Korea	106.32				57.22	8.89		40.21	Hall of Shame
Shinyoung Securities	South Korea	83.23				30.01	9.25		43.98	Hall of Shame
SK Securities	South Korea	76.05				8.9			67.15	Hall of Shame
St. James's Place Wealth Management	United Kingdom	2.27				2.27				Hall of Shame
State Bank of India	India	73.94		73.94						Hall of Shame
State Street	United States	2.86				2.86				Hall of Shame
T. Rowe Price	United States	9.12					9.12			Hall of Shame
TIAA	United States	13.98				5.23			8.76	Hall of Shame
Vanguard	United States	79.11				52.5	11.02		15.58	Hall of Shame
Victorian Funds Management Corporation	Australia	1.6					1.6			Hall of Shame
Victory Capital	United States	5.74							5.74	Hall of Shame
Wellington Management	United States	2.12					2.12			Hall of Shame
William Blair & Company	United States	1.56							1.56	Hall of Shame
Yes Bank	India	36.97		36.97						Hall of Shame
Yuanta Financial	Taiwan	87.96				56.22			31.74	Hall of Shame
Affiliated Managers Group	United States	0.19				0.19				Below Threshold
AGF Management	Canada	0				0				Below Threshold
AJO	United States	0.07				0.07				Below Threshold
Allianz	Germany	0.17					0.17			Below Threshold
American Century Investments	United States	0.06				0.06				Below Threshold
Ameriprise Financial	United States	0					0			Below Threshold
Arca SGR	Italy	1.23				1.23				Below Threshold
Ariel Capital Holdings	United States	0.01							0.01	Below Threshold
AssetPlus Investment Management	South Korea	1.31					1.31			Below Threshold
Aviva	United Kingdom	0.06				0.06				Below Threshold
AXA	France	1.82				1.82				Below Threshold
Bailard	United States	0.69				0.69				Below Threshold
Baillie Gifford	United Kingdom	0.54							0.54	Below Threshold
Bank of New York Mellon	United States	1.16				0.73	0.43			Below Threshold
Bessemer Group	United States	0.02				0.02				Below Threshold
BMO Financial Group	Canada	0.13				0.13				Below Threshold
BPCE Group	France	0.06							0.06	Below Threshold
Caledonia Investments	United Kingdom	0.02				0.02				Below Threshold
Charles Schwab	United States	3.59				2.47	0.47		0.64	Below Threshold
Clarivest Asset Management	United States	0.42				0.42				Below Threshold
Consus Asset Management	South Korea	0.02				0.01			0.01	Below Threshold
CPP Investment Board	Canada	0.56					0.56			Below Threshold
Crédit Agricole	France	0.97					0.97			Below Threshold
Credit Suisse	Switzerland	0.23				0.23				Below Threshold
Daishin Securities	South Korea	1.17				0.51	0.44		0.21	Below Threshold
Deutsche Bank	Germany	1.09				1.09				Below Threshold
DGB Financial Group	South Korea	0.12				0.12				Below Threshold
Dongbu Group	South Korea	0.02				0.02			0.01	Below Threshold
Eaton Vance	United States	1.61				1.61				Below Threshold
Enhanced Investment Products	China	0.02				0.01			0	Below Threshold
Eugene Investment & Securities	South Korea	0.02							0.02	Below Threshold
Fidelity International	United Kingdom	0				0				Below Threshold
Fidelity Investments	United States	1.03				1.03				Below Threshold
First Trust Advisors	United States	0.1				0.04			0.06	Below Threshold
Geode Capital Management	United States	2.34				2.33			0.01	Below Threshold
GlobeFlex Capital	United States	0.07							0.07	Below Threshold
Goldman Sachs	United States	1.91				1.91				Below Threshold
Hanwha Group	South Korea	0.92					0.92			Below Threshold
HDC Asset Management	South Korea	0.21				0.17	0.04			Below Threshold
Hyundai Group	South Korea	0.33				0.12	0.2		0.01	Below Threshold
Hyundai Heavy Industries	South Korea	2.32				1.85			0.48	Below Threshold
Industrial Bank of Korea	South Korea	0.7					0.21		0.49	Below Threshold
Intesa Sanpaolo	Italy	0.21				0.21				Below Threshold
Invesco	United Kingdom	1.26				1.07	0.06		0.13	Below Threshold
Janus Henderson	United Kingdom	0.08				0.08				Below Threshold
JPMorgan Chase	United States	1.64				1.64				Below Threshold
KB Financial Group	South Korea	2.71				2.01	0.7			Below Threshold
Kiwoom Securities	South Korea	1.8				1.34	0.47			Below Threshold
Koreit Asset Management	South Korea	0.78				0.3			0.48	Below Threshold
KTB Investment & Securities	South Korea	0.03					0.02		0.01	Below Threshold
Kyobo AXA Investment Managers	South Korea	1.87				0.85	0.3		0.71	Below Threshold
Lazard	United States	0.04				0.04				Below Threshold
Legal & General	United Kingdom	1.16				1.16				Below Threshold
Lincoln Financial Group	United States	0.13				0.07	0.06			Below Threshold
Macquarie Group	Australia	1					1			Below Threshold
MassMutual Financial	United States	0.37				0.33	0.05			Below Threshold
Midas International Asset Management	South Korea	0.23				0.2	0.03			Below Threshold
Mitsubishi UFJ Financial	Japan	0.18				0.18				Below Threshold
Mizuho Financial	Japan	0.3				0.2	0.03		0.07	Below Threshold
Morgan Stanley	United States	0				0				Below Threshold
Morval Vonwiller	Switzerland	0.31				0.31				Below Threshold
MultiAsset Vermögens-Management	Germany	0.06				0.03	0.02		0.02	Below Threshold
Nippon Life Insurance	Japan	1.03				1.03				Below Threshold
Nomura	Japan	0.08				0.08				Below Threshold
NongHyup Financial	South Korea	0.09					0.09			Below Threshold
Northern Trust	United States	1.31				1.3	0.02			Below Threshold
Orix Corporation	Japan	0.33				0.33				Below Threshold
Oversea-Chinese Banking Corporation	China	0.12					0.12			Below Threshold
Pictet	Switzerland	0.41				0.41				Below Threshold
Pine Asia Asset Management	South Korea	0.01				0.01				Below Threshold
Plus Asset Management Company	South Korea	0.21				0.03			0.18	Below Threshold
Power Financial Corporation	Canada	0.03							0.03	Below Threshold
Prudential (UK)	United Kingdom	0.24				0.13	0.05		0.06	Below Threshold
Prudential Financial (US)	United States	0.38				0.38				Below Threshold
Research Affiliates	United States	2.74				2.74				Below Threshold
Royal London Group	United Kingdom	1				1				Below Threshold
Sanlam	South Africa	0.02				0.02				Below Threshold
Scotiabank	Canada	1.06					1.06			Below Threshold
SEI	United States	0.1				0.1				Below Threshold
Shinhan Financial Group	South Korea	0.13					0.13			Below Threshold
SPARX	Japan	0.01				0.01				Below Threshold
Standard Life Aberdeen	United Kingdom	0.25				0.25				Below Threshold
State Street	United States	1.09					0.23		0.86	Below Threshold
Sun Life Financial	Canada	0				0				Below Threshold
T. Rowe Price	United States	0.77				0.77				Below Threshold
Taekwang Group	South Korea	0.46				0.45	0.01			Below Threshold
Temasek	Singapore	0.48					0.48			Below Threshold
The Investment Fund for Foundations	United States	0.8				0.8				Below Threshold
Thomas White International	United States	0.14				0.14				Below Threshold
TIAA	United States	0.3					0.3			Below Threshold
Toronto-Dominion Bank	Canada	0.66				0.66				Below Threshold
Truston Asset Management	South Korea	0.76				0.75	0		0	Below Threshold
UBS	Switzerland	0.64				0.63	0.01			Below Threshold
University of Wisconsin-Madison	United States	0.27					0.27			Below Threshold
Vident Financial	United States	2.04				2.04				Below Threshold
Voya Financial	United States	0.4				0.16			0.24	Below Threshold
Wellington Management	United States	0.5		0.07		0.43				Below Threshold
Wells Fargo	United States	0.03				0.03				Below Threshold
Wintrust Financial Corporation	United States	0.58				0.58				Below Threshold
WisdomTree Investments	United States	0.02					0.01		0.01	Below Threshold
York Capital Management	United States	0.57					0.57			Below Threshold
Yurie Asset Management	South Korea	0.91				0.26	0.03		0.62	Below Threshold
Zürcher Kantonalbank	Switzerland	0.01				0.01				Below Threshold
Grand Total Hall of Shame		8785.18	4.71	173.49	1398.79	1695.48	1058.98	3723.8	729.94	Total investments listed in the Hall of Shame

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Methodology

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.

Threshold

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.