Pension fund New York City Teachers’ Retirement Systems (TRS) has divested its investments in Smith & Wesson Holding Corp. (Nasdaq: SWHC) and other publicly-traded commercial gun and ammunition manufacturers, citing the Sandy Hook Elementary School massacre in December. As Mergers & Acquisitions has been reporting, there has been an exodus from weapons makers on the part of private equity firms and their limited partners since the tragedy.

TRS’ board of trustees requested an evaluation of the system’s investments in the gun industry after the shooting in Newtown, Conn. The analysis concluded that divestment would be consistent with TRS’ fiduciary standards and overall investment process, according to a statement from New York City Comptroller John Liu. TRS is a $46.6 billion fund.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.