Chicago Mayor Rahm Emanuel joins other state officials with a call for pension funds to review gun investments.
Emanuel ordered Comptroller Amer Ahmad to request a portfolio analysis from the city’s five pension funds to determine if they are invested in companies that manufacture or sell assault weapons, as the first step in divesting from those companies.
“We cannot support or invest in companies that profit from the proliferation of assault weapons and the violence these guns bring to our communities,” says Emanuel. “If our fund managers have invested in a company that manufactures or sells assault weapons, I will ask them to remove those investments from our retirement funds.”
The five funds that will be reviewed are: the Fireman’s Annuity & Benefit Fund of Chicago; the Laborer’s & Retirement Board Employees’ Annuity and Benefit Fund of Chicago; Municipal Employees’ Annuity & Benefit Fund of Chicago; Policeman’s Annuity & Benefit Fund of Chicago; and the City of Chicago Deferred Compensation Plan. The funds have more than $13.5 billion in assets.
As Mergers & Acquisitions has been reporting, Emanuel's direction comes after several other state officials from California, Massachusetts, Rhode Island and New York, directed pension fund reviews following the Sandy Hook Elementary School massacre on Dec. 14. Stephen Feinberg's Cerberus opted to sell its stake in Freedom Group Inc. on Dec. 19. That same day, Massachusetts treasurer Steve Grossman called for Pension Reserve Investment Management to review any investments in gun companies, while Rhode Island treasurer Gina Raimondo directed state investment consultant Cliffwater to review the pension fund’s investments holdings for firearm manufacturers.