The World’s Largest Money Manager Will Block Some Funds From Walmart And Other Gun-Selling Retailers

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After the mass shooting at Stoneman Douglas High School in Parkland, Florida, corporate America has led the way in distancing itself from organizations like the NRA by ending key partnerships. While some retailers are not planning to stop selling guns, one of the largest money managers is taking a stand, too.

BlackRock is removing some retailers, like Walmart and Dick’s Sporting Goods, from some of its planned “socially conscious” exchange-traded funds. This includes Walmart, Dick’s Sporting Goods, and Kroger, even though the retailers have largely committed to not selling guns to anyone under age 21. Via the Wall Street Journal:

The New York firm after the shooting went public with the questions that it is asking gun manufacturers and distributors and businesses. Investors and businesses alike have put renewed pressure on gun makers and sellers, spurred in part by student advocacy efforts nationwide.

The funds that BlackRock has decided will go gun-free have more than $2.2 billion in assets, which some hope will pressure retailers to reconsider their stances. However, the Journal notes that Wall Street experts are unsure whether such socially conscious investment tactics can have a long-term effect, or whether this will simply be a trend that matches the current climate.

(Via Wall Street Journal)