WASHINGTON — BlackRock is launching a new gun-free index fund for retirement plans.
“Based on client demand, BlackRock will offer five new strategies … that exclude all producers and large retailers of civilian firearms,” the company said in a memo to clients on Thursday.
The excluded gun sellers include Walmart, Dick’s Sporting Goods and Kroger.
The giant investment management company said in February that it wanted to engage weapons manufacturers about their response to the school shooting in Parkland, Florida.
BlackRock is the largest shareholder in gunmakers Sturm Ruger and American Outdoor Brands. It is the second-largest shareholder in Vista Outdoor.
In addition to offering gun-free retirement funds, the company said that it will launch two new funds that will screen out gun makers and sellers, and that it will explicitly exclude gun makers and sellers from some existing environmental, social and governance funds. Those funds rarely include gun makers.
Last month, the company promised to start offering clients the option to invest in funds that exclude firearm manufacturers and retailers. It also said it will more actively engage with gun manufacturers, and in some instances vote against the wishes of company management.
American Outdoor Brands, the maker of Smith & Wesson guns, released a letter to shareholder BlackRock last month saying it would avoid taking any action that could hurt the company’s business.
“We respect the national debate that is currently underway regarding firearms and safety,” the company said in the letter. “The solution is not to take a politically motivated action that has an adverse impact on our company, our employees, our industry, our shareholders, the economies we support and, significantly, the rights of our law abiding customers, but results in no increase in public safety.”
— CNN’s Chris Isidore and Aaron Smith contributed to this report.
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