The Financial Investment Companies that own CoreCivic and GEO
Without the financial support of major investors, CoreCivic and GEO alone would not be strong enough to successfully lobby for policies that increase government 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 CoreCivic 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. 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 major financial investors each own over 1 million shares of CoreCivic and GEO combined, and collectively own over two-thirds of CoreCivic and GEO:[i]
x Ameriprise Financial Inc.
x Artemis Investment Management LLP
x Bank Of New York Mellon Corp.
x Barrow Hanley Mewhinney & Strauss LLC
x Blackrock Inc.
x Capital Growth Management LP
x Columbia Wanger Asset Management LLC
x Credit Suisse
x D. E. Shaw & Co., Inc.
x Denver Investment Advisors, LLC
x Deprince Race & Zollo Inc.
x Eagle Asset Management Inc.
x Epoch Investment Partners Inc.
x FMR LLC
x Geode Capital Management, LLC
x Hotchkis & Wiley Capital Management LLC
x Invesco LTD.
x Jennison Associates LLC
x JPMorgan Chase & Co.
x Lee Danner & Bass Inc.
x Millenium Management LLC
x Morgan Stanley
x New South Capital Management Inc.
x Northern Trust Corp
x Panagora Asset Management Inc.
x Principal Financial Group Inc
x Prudential Financial Inc
x Renaissance Technologies LLC
x River Road Asset Management, LLC
x Russell Investments Group, LTD
x Schwab Charles Investment Management Inc.
x State Street Corp
x Teachers Advisors LLC
x TIAA CREF Investment Management LLC
x Two Sigma Advisers, LP
x Vanguard Group INC
x Vaughan Nelson Investment Management, L.P.
x Wells Fargo & Company
Additionally, six banks have played large roles in bankrolling CoreCivic and GEO Group: Wells Fargo, Bank of America, JPMorgan Chase, BNP Paribas, SunTrust, and U.S. Bancorp.[ii]
Divestment from these financial services companies because they support CoreCivic and GEO will force these companies to change their investment practices if they want to continue making a profit. With enough public pressure, these 32 major investors will divest or create portfolio screens shielding their investments from making their way to CoreCivic and GEO. Once deprived of the financial support of their investors, CoreCivic and GEO will lose capital and with it, their ability to lobby for stricter punishments, anti-immigration laws, and more contracts.
[i]“Securities & Exchange Commission 13-F filings by institutional investors for period ending September 30, 2018.
[ii] In The Public Interest, Report: The Banks That Finance Private Prison Companies.