In brief

This research note examines Swiss institutional investors’ holdings in four US-listed companies — Palantir, AT&T, Geo Group, and CoreCivic — that are key contractors for the US Immigration and Customs Enforcement (ICE) agency. UBS holds some $2.9 billion in Palantir, Geo Group, and CoreCivic (p.2). The SNB has a total investment of $1.4 billion in Palantir, Geo Group, and AT&T (p.2). The report argues these investments conflict with the investors’ own human rights policies.

Public-private partnerships

Since returning to power, the Trump administration has implemented broad anti-immigrant policies, utilising racial profiling in enforcement and seeking to limit asylum claims. The ICE agency carries out its mission with a group of companies described as “allies and assets,” which earn considerable sums through public contracts, part of which is reinvested into the accounts of officials and MAGA campaigns.

A surveillance and deportation “value chain”

The “value chain” of repression ranges from surveillance, identification, and arrest — using AT&T communications systems and Palantir digital tracking applications — through to detention in Geo Group or CoreCivic facilities, and deportation via charter flights.

Key contractors

Palantir received a federal contract worth $139 million over just under four years in September 2022, and a total of $81.1 million in 2025 (p.6). It developed the FALCON Search and Analysis application and the Immigration OS database. AT&T was awarded a $90 million contract in 2021, potentially worth up to $165.2 million if extended (p.6). Geo Group was awarded $800 million in contracts last year, with its subsidiary BI Incorporated winning a two-year, $121 million contract to track migrants (p.6). CoreCivic, which derives a third of its revenue from ICE, received a contract worth nearly $300 million from the DHS in 2025 (p.6).

Goals

The DHS is pursuing the goal of deporting 1 million people per year. With approximately 68,000 people in detention — 85% of whom are in private facilities — the agency aims to create 80,000 additional detention beds, compared to around 40,000 at the beginning of 2025 (p.7). More than 70% of detainees at the end of 2025 had no criminal record (p.7).

Swiss investors

Several Swiss institutions hold shares across the four companies. UBS Asset Management has invested $2.827 billion in Palantir (p.8). The SNB has invested $888.93 million in Palantir and $585.75 million in AT&T (p.9). Swiss Life AM has invested $156.57 million in Palantir, and Zurich Insurance $87.13 million (p.9). ZKB and Pictet hold smaller positions across multiple contractors (p.9).

Analysis: Human-rights washing

The report contends that these investors’ holdings contradict their stated ESG and human rights commitments. In 2024, the Swiss National Contact Point (NCP) to the OECD investigated a complaint accusing UBS and the SNB of failing to comply with OECD guidelines owing to their investments in Geo Group and CoreCivic (p.10). The NCP made three recommendations to UBS, including incorporating passive investments into its overall risk assessment, strengthening engagement with index providers, and advocating for clarification of responsible business conduct obligations for passive investments (p.10). UBS refused to participate in the proposed mediation, stating its investments were “passive” (p.10).

Conclusion

The report concludes that UBS, SNB, ZKB, Pictet, Lombard Odier, Swiss Re, and Zurich Insurance are profiting from their investments and are complicit through their silence and passivity in the strategies of ICE’s contractors. These institutions bear some responsibility for perpetuating the abuses of the repression system, given the scant regard they show for their own social responsibility commitments and the benefits they derive from Swiss political liberalism.