The Campaign Against Arms Trade (CAAT) has urged universities to sell their shares in the arms trade as figures obtained under the Freedom of Information Act reveal that Britain's universities own shares worth over £15 million.

Some of the universities with the highest shares are also some of the highest ranked academic institutions in the academic league tables.

University College London, Trinity Hall Cambridge and the University of Liverpool each hold arms shares worth over £1 million, a fact that is sure to be of great concern to many students, CAAT believes.

"It is inexcusable for an institution based on learning and progress to fund a trade that fuels war and perpetuates poverty. Alternative investments are financially beneficial as well as ethically clean," said Tim Street, Co-ordinator of the CAAT Universities Network.

Previous local campaigns have had great success in convincing universities to sell their shares. The University of Wales, Bangor, and the School of Oriental and African Studies (University of London) have both sold their arms shares following pressure from students and staff while the Universities of St Andrew's and Manchester are both developing ethical investment policies in consultation with students.

"In the last year, students from London to Bangor have taken on the arms companies and won. We are confident that students and university staff will be successful in campaigning for clean investment at many more universities throughout the UK," said Street.

Nine Oxford colleges and seven Cambridge colleges are among the 45 institutions which admit to owning shares in BAE Systems, Rolls Royce and the Smiths Group - all of which have been involved in the supply of weapons to oppressive regimes.

Hannah Chalmers is a Christian student currently studying engineering at Imperial College (University of London).

She said: "It is important that ethical principles that are seen as the norm for researchers and students are also expected to have an integral role in university investment decisions."

The former chair of the Student Christian Movement added: "Many Christian students, and others too, believe that it is important to respect the world and all people living in it.

"It is frustrating that many UK universities do not seem to have a similar view when they consider how they use and invest their money."

The ten universities and university colleges with the highest confirmed value of arms investments are as follows:

1. University College, London (UCL) - £1,591,627
2. Trinity Hall, Cambridge - £1,252,000
3. University of Liverpool - £1,215,000
4. Nuffield College, Oxford - £920,000
5. King's College, London - £903,550
6. New College, Oxford - £850,670
7. St Hilda's College, Oxford - £823,555
8. University of Hull - £745,192
9. University of York - £618,923
10. University of Manchester - £575,640