Allianz Asset Management, widely known as a sponsor of NPR’s “A Prairie Home Companion,” has divested over one million shares in the for-profit prison industry.
The investment firm, which has over $75 billion in assets, joins the ranks of other US institutions that have divested from the private prison industry including the United Methodist Church, the Presbyterian Church USA, General Electric, and Pershing Square Capital Management among others.
Corrections Corporation of America (CCA) and the GEO Group (GEO), which own the majority of the private prison market in the U.S., depend on the massive incarceration of immigrants and people of color to maintain financial viability. Both companies are heavily involved in lobbying Congress and federal agencies for policies and contracts that result in the inhumane incarceration of hundreds of thousands of harmless immigrants and people of color.
Allianz divested 684,966 shares of CCA stock and 460,000 shares of GEO stock during the second quarter of this year.