UBS fund takes stance against cluster bombs

Swiss bank UBS says that it has pulled its investments from companies that manufacture cluster bombs.

UBS Global Asset Management took a policy decision in April, it was confirmed on Tuesday.

“Global Asset Management excludes investments in firms that are active in the cluster bomb field for its actively managed Swiss and Luxembourg fund,” UBS said in a statement to swissinfo.ch.

Investments in cluster bomb makers were “marginal at every point in time,” added the bank. It did not disclose which firms were involved.

Investments in companies that make cluster bombs are banned in many parts of the world because of the threat they pose to civilians.

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

They say investments occur despite the entry into force of the international treaty banning cluster munitions on August 1 this year. Switzerland, which formally signed the text in 2008, is expected to ratify it in 2011.

swissinfo.ch and agencies