Who Invests?

The 2018 update of the report

The 2018 update of the report shows that 329 financial institutions from around the world invested 525 billion USD into 20 companies involved in the production, maintenance and modernization of nuclear weapons since January 2014.

Top 10 investors

This table shows the 10 financial institutions with the largest total investments since January 2014 in the 20 companies involved in the production, maintenance and modernization of nuclear weapons identified in this report.

Is your financial institution invested?

Search the table to find your institution. Total investments are in millions of US dollars.

Investor ParentInvestor Parent CountryGrand Total USD MillionsAecomAerojet RocketdyneAirbus GroupBAE SystemsBechtelBoeingBWX TechnologiesCH2M HillFluorGeneral DynamicsHoneywell InternationalHuntington Ingalls IndustriesJacobs EngineeringLarsen & ToubroLockheed MartinNorthrop GrummanOrbital ATKSafranSercoThales
BlackRockUSA383815072163762163872522624483267651388242634456563444507243288737
Capital GroupUSA36739324337395811081169383912162104472244449
VanguardUSA352674357810816608319391677414469178206522195898353847566337263
State StreetUSA33370153454665857872852479421657828613493523117123
JPMorgan ChaseUSA2967913779863366872028981802209183665114665028201040821441530
Bank of AmericaUSA2585117652674355061100171918622020772141509941049744956053403477512
CitigroupUSA16489241293228721020297717774530624022980667196414
EvercoreUSA13712673143502631
Wells FargoUSA134979921441311867300220268160929785507012420947370
Goldman SachsUSA10800474954971438214331387917311217293762832
Morgan StanleyUSA985950458442131169237405390292234182137
Wellington ManagementUSA9182748978448903007142851731
T. Rowe PriceUSA8896175787579205611031037
Fidelity InvestmentsUSA8756734102483105557324160311205522484901873115
BNP ParibasFrance860112136571311100704150220195930612296711448914248
Mitsubishi UFJ FinancialJapan847113811133861316006983622017961261911932943577215030074598206
Cr_dit AgricoleFrance794842013351317205211505574479018771081208411
BarclaysUK7911359230123930072163028201329512629208122
Sun Life FinancialCanada66249752414498412873525
Deutsche BankGermany66198102987881628682435455216107912
Longview Asset ManagementUSA65436543
TIAAUSA618040179714110304311387117091764276394312075
Northern TrustUSA60762001915101106868913261511531217478155
Bank of New York MellonUSA5628712933614376057559164112268632441175
Mizuho FinancialJapan5173440262256866841263732001351877554
US BancorpUSA494634911596511081066306322406112572300
Ameriprise FinancialUSA469085265984941776710292071530
Life Insurance Corporation of IndiaIndia42914291
Sumitomo Mitsui FinancialJapan4247860152621311207242114630696391354727217741445122
Geode Capital ManagementUSA42004012106336675971059936965046945
Soci_t_ G_n_raleFrance40402075131490373723248
UBSSwitzerland401441164538861493519328195051158
Franklin ResourcesUSA38701393517518908027833295
AXAFrance3804115146717511251689511
Royal Bank of ScotlandUK36571341311020312601713061744063512637918398122
InvescoUK355315636412871041469684922492163
Janus Henderson GroupUK350597314699058660750
Royal Bank of CanadaCanada3442381942566583218091644978146
HSBCUK330281351362530644192139183239248
Banco Bilbao Vizcaya Argentaria (BBVA)Spain303371438691436435306242
Primecap ManagementUSA30184321534562490
L&T Employees Welfare FoundationIndia29972997
Prudential Financial (US)USA29267052671694106728712635315347
ScotiabankCanada28309829621121116029680272
Lloyds Banking GroupUK268625661314302113501336210909098
BPCE GroupFrance263911480541503591
Toronto-Dominion BankCanada239832166308110171306193466457
Legg MasonUSA20776217351436158391449211020
Sociedad Estatal de Participaciones IndustrialesSpain20252025
SantanderSpain1962230543164158745122
ANZAustralia1902396613124626919116039354877245122
MassMutual FinancialUSA18379995136670675
Old MutualUK168684159421140
ICICI BankIndia1551180281343
Macquarie GroupAustralia15091071103813814090076
New York Life InsuranceUSA1492233263104174136215231652356280
UniCreditItaly147941816070772122
Children's Investment Fund ManagementUK14691469
Charles SchwabUSA12991160627363355729
American International Group (AIG)USA129810869740133582171017
Standard CharteredUK12853966246211306186231
Power Financial CorporationCanada127053344367105320
CommerzbankGermany126520319813129918345206
WestpacAustralia12324066180100846
Cr_dit Mutuel CIC GroupFrance111491341318529604122
State FarmUSA1107431059572156257242137
SunTrustUSA110139317090148300
AQR Capital ManagementUSA1093593919946777
LSV Asset ManagementUSA10592205954857139
Northwestern Mutual Life InsuranceUSA1037434786169118310175980
AllianzGermany103516137157601519115210860103
MetLifeUSA1026121150181231123822821116
Unit Trust of IndiaIndia977977
Government Pension Fund - GlobalNorway944433867587117236
Legal & GeneralUK933595373922636
ING GroupNetherlands89566829
Housing Development Finance CorporationIndia858858
Nationwide Mutual InsuranceUSA8331301334721426346
Huntington BancsharesUSA818818
Regions FinancialUSA7957374501147
Greenhaven AssociatesUSA79452742
Credit SuisseSwitzerland783663563012295114
Arovid AssociatesUSA751564187
Silchester International InvestorsUK743743
Artisan PartnersUSA691241200119131
The London Company of VirginiaUSA688505183
Industrial and Commercial Bank of ChinaChina6776627626570
Prudential (UK)UK67451193827518129
Dimensional Fund AdvisorsUSA66215446381066317382
State Bank of IndiaIndia65734180337106
Manulife FinancialCanada6351587767427107249
DBSSingapore6246630016098
Fiduciary ManagementUSA621621
PNC Financial ServicesUSA616501104619370147
AllstateUSA61016437313358261637622
Orix CorporationJapan61083383144
Fifth Third BancorpUSA607229459690147
Affiliated Managers GroupUSA601325160116
Intesa SanpaoloItaly58519711024038
Riyad BankSaudi Arabia5813001504685
National Bank of Abu DhabiUAE568131160466445122
Thales SA Employees Stock Ownership PlanFrance556556
LazardUSA555555
Waddell & Reed FinancialUSA5534718488
BMO Financial GroupCanada54832715170
Fred Alger & CompanyUSA529529
BB&TUSA5151591109644106
White Mountains InsuranceUK493751328194111
UllinkFrance4903830102320
First Eagle Investment ManagementUSA47724453
William Blair & CompanyUSA474129345
DZ BankGermany47066404
Bank of ChinaChina460300160
BayernLBGermany4546630088
General Insurance Corporation of IndiaIndia447447
Davis Selected AdvisersUSA429429
Commonwealth Bank of AustraliaAustralia40366131733598
SchrodersUK39533461
Fidelity InternationalUK38724129122112
Guggenheim CapitalUSA357483574310492820
GICSingapore356356
Reliance GroupIndia355355
Voya FinancialUSA3471591026125
Capital One FinancialUSA33724196
Neuberger BermanUSA323323
Principal Financial GroupUSA3151241751273525
Axis BankIndia313313
Victory CapitalUSA3038680137
Standard Life AberdeenUK3022384717
Thrivent FinancialUSA29730308911038
Oddo & CieFrance295295
Liberty Mutual InsuranceUSA291947434809
Ruane, Cunniff & GoldfarbUSA283283
American FamilyUSA2789382103
KeycorpUSA257203074133
AvivaUK2524414860
HDFC BankIndia251251
CI FinancialCanada25034216
Marathon Asset ManagementUK22913891
AegonNetherlands228114114
Danske BankDenmark22666160
M&T BankUSA22323200
Viel & CieFrance218218
American EquityUSA20960395555
Skandinaviska Enskilda BankenSweden19766131
Trust GroupIndia188188
TravelersUSA185918631013
GGCPUSA177177
Mega FinancialTaiwan17713641
Lord, Abbett & CoUSA176872960
Discovery Capital ManagementUSA17467107
Williams Capital GroupUSA170776429
MSD PartnersUSA160160
Jupiter Fund ManagementUK160160
Munich ReGermany148148
State FundUSA1476087
SiemensGermany134134
Lyrical Asset ManagementUSA131131
American United Mutual InsuranceUSA12133413017
Western & Southern FinancialUSA11810414
Drexel HamiltonUSA11521502915
Citizens Financial GroupUSA1156550
Leucadia National CorporationUSA113113
HelabaGermany1116645
Alyeska Investment GroupUSA108108
Eastern BankUSA106106
People's United FinancialUSA106106
Bank HapoalimIsrael106106
Synovus Financial CorporationUSA106106
First Niagara FinancialUSA106106
ABPNetherlands1044064
NewSouth Capital ManagementUSA103103
ComericaUSA10159636
Two Sigma InvestmentsUSA101101
Loop CapitalUSA100642511
Abu Dhabi Investment CouncilUAE100100
Blue Harbour GroupUSA9797
Shapiro Capital ManagementUSA9595
National Rural Electric Cooperative AssociationUSA954847
New Jersey Department of the TreasuryUSA895732
Steel Partners HoldingsUSA8787
LKP GroupIndia8484
Holowesko PartnersBahamas8282
Majedie Asset ManagementUK8282
Cardinal Capital ManagementUSA8080
Blaylock Beal VanUSA7926201815
Orbis GroupUK7979
Lebenthal HoldingsUSA756411
Teacher Retirement System of TexasUSA7373
Pacific Asset ManagementUSA73421318
Pzena Investment ManagementUSA7272
First Trust AdvisorsUSA722943
Bessemer GroupUSA7070
GlenmedeUSA7070
SPA GroupIndia6767
KfWGermany6666
Landesbank Baden-WÙrttemberg (LBBW)Germany6666
Alkeon Capital ManagementUSA6262
Burgundy Asset ManagementCanada5959
E.SUN FinancialTaiwan593029
Marshall WaceUK592435
Hartford Financial ServicesUSA583514
Laurion Capital ManagementUSA5656
Mischler Financial GroupUSA56211817
Banco de SabadellSpain562729
United Services Automobile AssociationUSA552035
Westwood Holdings GroupUSA5555
Carlson CapitalUSA5252
A.K. GroupIndia5151
Stephens Investment Management GroupUSA5151
Focus Financial PartnersUSA5151
Modern Woodmen of AmericaUSA502525
Muzinich & CoUSA4949
Hua Nan FinancialTaiwan492029
Land Bank of TaiwanTaiwan492029
Inversiones Mobiliarias AdvalorSpain4848
Wedge Capital ManagementUSA4848
Boston PrivateUSA4747
American Financial GroupUSA473512
Stifel FinancialUSA471829
American Century InvestmentsUSA4646
Poplar Forest CapitalUSA4646
Zions BancorporationUSA4545
First Financial HoldingTaiwan4545
KBC GroupBelgium4545
Taurus GroupIndia4444
Arrowstreet CapitalUSA4444
State Teachers Retirement System of OhioUSA4343
Taiwan Financial HoldingTaiwan4343
Cacti Asset ManagementUSA4242
Ariel Capital HoldingsUSA4242
Kingstown Capital ManagementUSA4242
SAR HoldingUSA412318
Siebert Brandford Shank FinancialUSA412318
Loews CorporationUSA403010
AetnaUSA4040
Taiwan Business BankTaiwan4040
Taiwan Cooperative FinancialTaiwan3939
Letko Brosseau & AssociatesCanada3838
American National InsuranceUSA3838
Madison InvestmentUSA3737
Odey Asset ManagementUK3636
Old Republic InternationalUSA361989
Citizens Bank & TrustUSA3636
Hahn Capital ManagementUSA3636
Hancock HoldingUSA3636
Sumitomo Mitsui TrustJapan3535
Export Development CanadaCanada3535
Central Pacific Financial CorporationUSA35629
Bank of IrelandIreland3535
Edelweiss Financial ServicesIndia3434
Fairview Capital Investment ManagementUSA3434
Academy SecuritiesUSA341618
D.E. Shaw & Co.USA3131
CNO Financial GroupUSA3030
Smith Asset Management GroupUSA3030
National Western Life GroupUSA3030
Cascade BancorpUSA2929
BancPlusUSA2929
Fubon GroupTaiwan2929
Raymond James FinancialUSA2929
Banner BankUSA2929
California First National BancorpUSA2929
Amalgamated Bank of ChicagoUSA2929
Associated Banc-CorpUSA2929
Hotchkis & Wiley Capital ManagementUSA28199
Luminus ManagementUSA2525
Divine Capital MarketsUSA2424
Cathay Life InsuranceTaiwan2424
Eaton VanceUSA241113
CL King & AssociatesUSA24618
Great Pacific SecuritiesUSA2323
Rothschild GroupFrance2121
Intrinsic Value InvestorsUK2121
ICAPIndia2020
WoodmenLifeUSA2020
Chiba BankJapan2020
Guzman & CoUSA2020
Apto PartnersUSA2020
National Life GroupUSA2020
CastleOak SecuritiesUSA2020
Telsey Advisory GroupUSA2020
Auto-Owners InsuranceUSA2020
SinoPac HoldingsTaiwan2020
Bank of CommunicationsChina2020
Winslow Asset ManagementUSA1919
GroupamaFrance1919
Serco Group Employee Benefit TrustUK1717
Banque Degroof PetercamBelgium1616
Manning & NapierUSA1616
Foundation Asset ManagementUSA1616
Anbang Insurance GroupChina1616
Millennium ManagementUSA1515
FirstBankUSA1515
First Midwest BancorpUSA1515
CAVU SecuritiesUSA1414
Ardevora Asset ManagementUK1414
Pacific Century GroupChina1313
MagallanesSpain1111
Julius BaerSwitzerland1111
Corpbay Financial ServicesIndia1111
Shenkman Capital ManagementUSA1010
Capital BankUSA1010
Ohio Public Employees Retirement SystemUSA1010
Cathay General BancorpUSA1010
American Savings BankUSA99
Paloma PartnersUSA99
Cov_aFrance99
AG2RFrance88
Mata Securities IndiaIndia88
Knights of ColumbusUSA88
BOK FinancialUSA88
Zeo Capital AdvisorsUSA66
Cantor FitzgeraldUSA66
Altius Finserv PrivateIndia66
Tribal Capital PartnersUSA55
MFRUSA55
Penserra Capital ManagementUSA55
Carlyle GroupUSA55
Denver InvestmentsUSA44
CIBCCanada33
Mackie Research FinancialCanada33
Siebert CapitalUSA33
Goto Capital MarketsUSA33
NomuraJapan33
MBSUSA33
Yes BankIndia22
IDFCIndia11
Equator Corporate ServicesIndia11

You can also sort by the weapons producers (scroll to see more).

2018 Investors, per country

The country profiles are easy to use fact sheets that include a summary of the methodology, the producers list, and more. They provide detailed information on the financial institutions headquartered in each country.

Australia | Bahrain | Belgium | Canada | China| Denmark| France| Germany| India| Israel| Italy| Japan| Jordan| Kuwait| Libya| The Netherlands | Norway | Saudi Arabia | Singapore| Spain| Sweden| Switzerland| Taiwan| United Arab Emirates | United Kingdom |United States

For information about US mutual funds, see https://futureoflife.org/invest

 

2016 Report

The 2016 update of the report shows that 390 financial institutions from around the world invested 498 billion USD into 27 companies involved in the production, maintenance and modernization of nuclear weapons since January 2013.

Download the full Hall of Shame.

Top 10 investors

This chart shows the 10 financial institutions with the largest total investments since January 2013 in the 27 companies involved in the production, maintenance and modernization of nuclear weapons identified in this report .

161208-top-10-investors

2016 Investors, per country

The country profiles are easy to use fact sheets that include a summary of the methodology, the producers list, and more. They provide detailed information on the financial institutions headquartered in each country.

Australia | Bahrain | Belgium | Canada| China| Denmark| France| Germany| India| Israel| Italy| Japan| Jordan| Kuwait| Libya| The Netherlands |  Norway | Saudi Arabia | Singapore| Spain| Sweden| Switzerland| Taiwan| United Arab Emirates | United Kingdom |United States

The 2015 update of the report

The 2015 update of the report shows that 382 private and public financial institutions from around the world invested 493 billion USD into 26 companies involved in the production, maintenance and modernization of nuclear weapons since January 2012.

2015 Investors, alphabetically

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | R | S | T | U | V | W | Y

2015 Investors, per country

The country profiles are easy to use fact sheets that include a summary of the methodology, the producers list, and more.

Australia | Austria | Bahrain | Belgium | Canada | Chile | China | Denmark | France | Germany |
India | India | Indonesia | Israel | Italy | Japan | Kuwait | Libya | Macedonia | Netherlands | Norway | Saudi Arabia  | Singapore  | Spain | Sweden | Switzerland | Taiwan | United Arab Emirates |
United Kingdom | United States

The 2014 update of the report

2014 Investors, alphabetically

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | R | S | T | U | V | W | Y

2014 Investors, per country

The country profiles are easy to use fact sheets that include a summary of the methodology, the producers list, and more.

Australia  | Austria | Bahrain   | Belgium  | Canada  | China  | Denmark   | France   | Germany  |
India  | Israel  | Italy  | Japan  | Kuwait  | Libya  | Netherlands  | Norway  | Saudi Arabia  |
Singapore  | South Africa  | Spain  | Sweden  | Switzerland  | Taiwan  | United Arab Emirates  |
United Kingdom  | United States

2013 Country Profiles

Hall of Shame Methodology

Which financial institutions are involved in the financing of the selected nuclear weapon companies was researched using annual reports, stock exchange filings and other publications of the companies concerned, archives of trade magazines, local newspapers and the financial press as well as specialized financial databases (Thomson ONE, Bloomberg). Used resources are clearly mentioned.

Financial institutions can be involved in financing companies by providing corporate loans, by assisting companies with share- and bond issues, and by (managing) investments in shares and bonds of these companies. For asset managers and pension funds, the only relevant type of financial involvement is (managing) share- and bondholdings of the selected companies.

In this report, we have focussed on the financial institutions which are found to have most significant financing relationships with one or more of the selected nuclear weapon companies. To select these financial institutions, the following criteria are used:

  • All financial institutions involved in loans and underwriting deals for one or more of the companies between 1 January 2014- 1 October 2017;
  • All financial institutions which own at least 0.5% of the outstanding shares or bonds of at least one of the companies.