BlackRock Loses $17 Billion Dutch Pension Fund PFZW

BlackRock Inc. (BLK) has lost a mandate worth €14.5 billion ($17 billion) with one of the largest pension funds in the Netherlands, amid concerns the world’s biggest money manager isn’t acting in clients’ best interests on climate risk, Frances Schwartzkopff reported for Bloomberg News.

Dutch pension funds have been under pressure from local nonprofit Fossil Free Netherlands to end ties with the firm. (Photo: Anthony Quintano Flickr)

PFZW, which manages about €250 billion ($290 billion), will instead rely on Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS, and PGGM to oversee an equity portfolio worth some €50 billion, a spokesperson told Bloomberg.

Dutch media outlet NRC Handelsblad reported earlier that PFZW was changing its asset management approach, including dropping BlackRock. Charlotte Hughes-Morgan, Sarah Jacob, and Katharina Rosskopf also reported for Bloomberg News.

PFZW is the latest asset owner to voice discontent with US money managers that have retreated from climate alliances under political pressure from the White House. PME, another Dutch pensions manager, told Bloomberg it is reviewing its mandate with BlackRock, valued at about €5 billion.

Dutch pension funds have been under pressure from local nonprofit Fossil Free Netherlands to end ties with the firm. The group’s “Break with BlackRock” initiative has urged savers to push their funds to act—and thousands have done so, according to its website.