Storebrand Asset Management Sells Palantir Holdings

By Stefania Spezzati and Gwladys Fouche

LONDON/OSLO (Reuters) – One of the Nordic region's largest investors, Storebrand Asset Management, has sold its holdings in Palantir Technologies (NYSE: PLTR) due to concerns about the firm's work for Israel potentially violating international humanitarian law and human rights.

Storebrand disclosed this week that it had "excluded Palantir Technologies Inc. from our investments due to its sales of products and services to Israel for use in occupied Palestinian territories."

The investor, which manages around 1 trillion crowns (approximately $91.53 billion) in assets, held about 262 million crowns (around $24 million) in Palantir, as stated by a spokesperson to Reuters.

A representative for Palantir, based in Denver, did not immediately respond to a request for comment. Storebrand indicated that Palantir had not replied to any of its information requests since April.

Co-founded by billionaire Peter Thiel, Palantir supplies militaries with artificial intelligence models. Earlier this year, the firm entered a strategic partnership to provide technology to Israel amid ongoing conflict in Gaza. Palantir's CEO, Alex Karp, has publicly stated his pride in working with Israel, particularly after the Hamas attacks in October last year. He has anticipated losing employees due to his outspoken support for the country.

Storebrand’s decision to divest follows a recommendation from Norway's government in March cautioning against engaging in economic activities within Israeli settlements in Palestinian territories, as noted in the asset manager's third-quarter investment review published on Wednesday.

The International Court of Justice declared in July that Israel's occupation of Palestinian territories, including the settlements, is illegal—a stance rejected by Israel's foreign ministry as "fundamentally wrong" and one-sided, insisting that political solutions must come through negotiations.

Storebrand's analysis highlighted that Palantir provides products, including AI-based predictive policing systems, which facilitate Israeli surveillance of Palestinians in the West Bank and Gaza. The firm’s systems are designed to identify individuals likely to commit terrorist acts, allowing for preemptive arrests. Storebrand also referenced U.N. reports documenting Israel's history of detaining Palestinians without charge or trial, describing the occupied territories as a "constantly surveilled open-air prison," a characterization Israel disputes.

In September, Reuters noted that Norway's $1.7 trillion wealth fund may need to divest shares in companies that fail to meet updated ethical standards regarding activities benefiting Israel in the occupied territories.

($1 = 10.9253 Norwegian crowns)