In the UK, Keir Starmer’s Defence Investment Plan has brought this into sharper focus, with the government announcing a further £15 billion for defence and almost £300 billion of spending over the next four years.

For asset managers, this creates a clear investment opportunity, but also a communications challenge. Defence remains a sensitive sector. Without careful messaging, increased exposure can easily be framed as “profiting from war” or as contradicting ESG principles. For firms that have not historically spoken openly about defence investment there is now a challenge of how to explain the rationale behind it.

The narrative needs to shift from weapons to security. Modern warfare is increasingly focused on civilian infrastructure: energy grids, transport hubs, digital infrastructure, ports and communications networks. The war in Ukraine has shown how critical infrastructure can become a direct target in conflict. For infrastructure and long-term investors, defence is therefore not only about military spending. It is also about protecting existing assets, supporting national resilience and ensuring essential services can continue operating in a more unstable world.

Investment in defence can, under the right conditions, contribute to a safer and more secure world. That is not to suggest that war itself is investable; rather, it is that deterrence, resilience and the ability of democratic states to protect their people and infrastructure has inherent social value. Investing in companies supplying countries that uphold international law can also be positioned as supporting peacekeeping and global stability.

From a PR perspective, the key is balance. Asset managers should be clear about what they invest in, why they invest, and how they assess the risks. The strongest messaging should focus on long-term resilience, critical infrastructure protection, governance and responsible security exposure.

Ultimately, asset managers do not need to avoid the defence conversation. But they do need to communicate it with precision. In today’s world, the argument is not that defence investment supports war. Communicated carefully, it can be positioned as part of a broader strategy to make societies safer, more resilient and less vulnerable to conflict. 

In a more dangerous world, the issue of security is becoming part of the responsible investment conversation.