×

Swiss bank UBS divests from cluster bomb makers

UBS AG has pulled its investments from companies that manufacture cluster bombs, the Swiss bank said Monday.

UBS Global Asset Management took a policy decision last month to exclude such firms from its actively managed Swiss and Luxembourg funds, spokeswoman Tatiana Togni said.

The bank did not disclose which firms were in the funds.

Investments in companies that make cluster bombs are banned in many parts of the world because the weapons are made up of hundreds of bomblets that are scattered across a wide area, posing a threat to civilians long after the end of conflict.

UBS Global Asset Management's investments in cluster bomb makers were "marginal at every point in time," Togni said.

Campaign groups have sought to name and shame banks that invest in or lend money to firms making cluster bombs.