The 29 Financial Investment Companies that own CCA and GEO
Without the financial support of major investors like Vanguard and Wells Fargo, CCA and GEO alone would not be strong enough to successfully lobby for policies that increase the federal government’s demand for private prisons. With these powerful allies, however, they have been able to sway public policy in favor of more severe “tough on crime” laws and the increasing criminalization of immigrants.
The financial services industry now makes up a third of the US economy, and its members collectively own over two-thirds of CCA and GEO Group. It is the most powerful lobbying force in both Washington DC and in state governments. To address the root causes of anti-immigrant and other racist legislation, we must expose and sever the financial ties that allow shareholders to cash in on the incarceration of immigrants and people of color.
There are 29 major financial investors that own over one million shares of CCA and GEO combined. By targeting these investors we can show our rejection of the PIC and use our influence as investors to demand Socially Responsible Investments. The following companies each own over 1 million shares of CCA and GEO, and collectively own over two-thirds of CCA and GEO:
x Adage Capital Partners Group LLC
x American Century Companies Inc.
x Ameriprise Financial Inc.
x Bank Of New York Mellon Corp.
x Blackrock Fund Advisors
x Cramer Rosenthal McGlynn LLC
x Diamond Hill Capital Management
x Eagle Asset Management Inc.
x Epoch Investment Partners, Inc.
x FMR LLC
x Geode Capital Management, LLC
x Hamlin Capital Management, LLC
x Hotchkis & Wiley Capital Management LLC
x ING Investment Management, LLC & Co.
x Invesco LTD.
x Jennison Associates, LLC
x Lazard Asset Management LLC
x London Co. Of Virginia
x Managed Account Advisors LLC
x Neuberger Berman Group LLC
x New South Capital Management INC
x Northern Trust Corp
x Nuveen Asset Management LLC
x Principal Financial Group Inc
x Prudential Financial Inc
x River Road Asset Management, LLC
x State Street Corp
x Vanguard Group INC
x Wells Fargo & Company
Divestment from these financial services companies because they support CCA and GEO will force these companies to change their investment practices if they want to continue making a profit. With enough public pressure, these 29 major investors will divest or create portfolio screens shielding their investments from making their way to CCA and GEO. Once deprived of the financial support of their investors, CCA and GEO will lose capital and with it, their ability to lobby for stricter punishments, anti-immigration laws, and more contracts.
Learn more about the strategy for taking on the Million Shares Club on our Resources page.
Sources: “Securities & Exchange Commission 13-K filings by institutional investors for period ending March 31, 2015.