DiNapoli freezes firearm investments for New York State Common Fund
By Rob Kozlowski | January 15, 2013 4:10 pm
New York State Common Retirement Fund, Albany, is freezing its investments in publicly traded commercial firearm manufacturers, confirmed Eric Sumberg, spokesman for Thomas P. DiNapoli, New York State comptroller and sole trustee of the $150.6 billion pension fund.
The freeze affects the pension fund's 45,325 shares in Sturm, Ruger & Co., the final such investments by the pension fund. The shares have a value of about $2.2 million
“After the terrible events in Newtown, it is clear that the national movement toward greater regulation of firearms manufacturers will impose significant reputational, regulatory and statutory hurdles that may affect shareholder value. As the fiduciary of the fund, it is my obligation to protect and grow fund assets, and we will continue to monitor the economic and regulatory environment before taking any additional steps,” Mr. DiNapoli said in a news release.
The pension fund's 165,600 shares in Smith & Wesson Holding Corp., valued at about $1.3 million, were sold by an external manager in their entirety on Dec. 18, according to Mr. Sumberg.