December 19, 2012 / 6:36 PM / 5 years ago

Rhode Island to review pension plan for gun investments

Dec 19 (Reuters) - Rhode Island General Treasurer Gina Raimondo directed an investment consultant on Wednesday to review the state pension fund’s alternative investment holdings for firearm and ammunition manufacturers and distributors.

“As the mother of two public elementary school students, my heart aches for the families of Newtown, Connecticut and what they are enduring. We must all be doing what we can to make sure this never happens again,” Raimondo said in a statement.

A preliminary search by the consulting firm, Cliffwater LLC, found that Rhode Island had holdings in United Sporting Companies, a distributor of firearms and hunting supplies, through private equity firm Wellspring Capital Management LLC, the statement said.

The state was told by Wellspring that it had been informed by United Sporting Companies that the company would be ending its distribution of semi-automatic rifles as of Jan. 1, 2013, the statement said.

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