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
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 |
Download the Hall of Shame chapter here
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.