Scotiabank's 1832 Asset Management Continues to Divest from Israeli Arms
Canadian asset manager further reduces holdings in Israeli defense industry
WEB TORONTO May 14 Reuters - An asset manager owned by Canadian lender Bank of Nova Scotia has nearly halved its stake in the Israeli defense sector.
1832 Asset Management, a subsidiary of Bank of Nova Scotia (Scotiabank), has significantly reduced its holdings in Israeli arms companies. This move follows a similar decision made by the asset manager in 2022. 1832 Asset Management now holds a negligible stake in Israeli defense contractors.
The news comes amid growing international scrutiny of Israel's human rights record in the occupied Palestinian territories. Some investors have begun to divest from companies that profit from human rights abuses. Scotiabank's decision is a significant step in this growing movement.
Scotiabank has not publicly stated the reasons for its decision to divest from Israeli arms. However, the move is likely driven by concerns about the ethical implications of investing in companies that contribute to human rights violations. The asset manager may also be responding to pressure from clients who are increasingly demanding responsible investing.
The divestment by Scotiabank's 1832 Asset Management is a sign of the growing global movement against investment in Israeli arms. As investors become more aware of the ethical implications of their investments, the defense industry will face increasing pressure to end its complicity in human rights abuses.
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