BlackRock Goes Public With Questions To Gun Industry
March 02 2018 - 12:34PM
Dow Jones News
By Sarah Krouse
BlackRock Inc. went public with the questions that it is asking
of gun makers and sellers in the wake of the school shooting in
Parkland, Fla., an unusual step by the world's largest asset
manager.
The notice posted to BlackRock's website Friday is the latest
sign that money managers are ramping up pressure on companies that
make and sell weapons. The questions range from litigation risks
and gun safety to background checks and staff training.
Investing giant Blackstone Group last weekend asked outside fund
managers to detail their ownership in companies that make or sell
guns. State Street Global Advisors, another big money manager, has
said it also plans to reach out to gun makers with questions.
A number of American companies have reassessed their
relationships with the gun industry and the National Rifle
Association following last month's shooting at Marjory Stoneman
Douglas High School. Major retailers including Kroger Co., Walmart
Inc. and Dick's Sporting Goods Inc. said earlier this week that
they would stop selling guns to anyone under 21 years old.
BlackRock is the largest shareholder in gun makers Sturm Ruger
& Co. and American Outdoor Brands, formerly known as Smith
& Wesson, as well as a large shareholder in firms such as
Walmart and Dick's Sporting Goods. BlackRock said in the notice
that it doesn't own any gun makers in its actively managed stock
funds, and in index-tracking funds those companies comprise 0.01%
of assets under management.
Write to Sarah Krouse at sarah.krouse@wsj.com
(END) Dow Jones Newswires
March 02, 2018 12:19 ET (17:19 GMT)
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