Woman embraces a boy next to a makeshift memorial for victims who died in the December 14 shootings at Sandy Hook Elementary School, in Newtown, Connecticut

Newtown backlash prompts gun investment overhaul

by Greg Roumeliotis and Ross Kerber, Reuters.com  |  published on December 20, 2012

Gun makers are facing pressure from some major U.S. investors after the Newtown elementary school shooting, with private equity firm Cerberus Capital Management LP announcing it would sell the largest U.S. manufacturer of firearms and major public pension funds reviewing their gun-related investments.

Cerberus said on Tuesday it would sell Freedom Group, whose AR-15-type Bushmaster rifle was used by a 20-year-old gunman to kill 20 children and six staff in Sandy Hook Elementary School in Newtown, Connecticut.

Cerberus’ move came after some of its investors had expressed concerns, including the California State Teachers’ Retirement System (CalSTRS), which said on Monday that it was reviewing its investment with the private equity firm.

“It is apparent that the Sandy Hook tragedy was a watershed event that has raised the national debate on gun control to an unprecedented level,” said Cerberus, which has more than $20 billion under management.

The $150.1 billion New York State Common Retirement Fund is reviewing its investments in firearm manufacturers, a spokesman for New York State Comptroller Thomas DiNapoli said on Tuesday.

New York City’s pension funds are also reviewing investments and may sell nearly $18 million worth of stock in four companies that manufacture guns and ammunition, a spokesman said on Tuesday. The city’s mayor, Michael Bloomberg, has been a leading advocate for gun control in the U.S.

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