Blackrock lost a $ 14.5 billion -euro order ($ 17 billion) from one of the largest retirement funds of the Netherlands, amid concerns that the largest asset administrator in the world does not act in the interests of its climate’s customers.
The Dutch PFZW Care and Welfare Fund, which manages approximately 250 billion euros ($ 290 billion), will be based on Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS and PGGM for supervising a portfolio of about 50 billion euros, as a representative of the Pension Management Company at Bloomberg (3.9.20).
A Blackrock spokesman said the asset management company “noted the acquisition of PFZW in the first half of 2025”, adding that it continues to help its customers, including those in the Netherlands, achieve their goals for sustainable investment. PFZW “always voted for its portfolio with Blackrock itself”, and Blackrock offers “eligible customers” to “participate in management of their assets,” the spokesman said.
PFZW is the last owner retired from climate alliances in the midst of a White House attack on zero -balance policies.
PME, another Dutch pension management company, has told Bloomberg earlier this year that it is reviewing its partnership with Blackrock, estimated at around € 5 billion. “PFZW has developed a new investment strategy, in which financial performance, risk and viability are equally weighted in the context of a comprehensive portfolio approach,” the fund said in a comment.
Her order with Blackrock was valued at € 14.5 billion at the end of March, which is the last period for which PFZW was able to provide data, the spokesman said. PFZW said it continues to invest in Blackrock’s mutual funds.
Dutch pension funds are under pressure from a local non -profit organization, Fossil Free Netherlands, to stop their relationship with Blackrock. The Break with Blackrock initiative has asked saves to urge their pension funds to take action, and thousands did so, according to the non -profit organization website.
NRC Handelsblad Dutch media earlier reported that PFZW was making changes to its approach to asset management, which included the removal of Blackrock.
PME plans to make a decision on Blackrock’s command before the end of the yeara spokesman said today, noting that the company had “several” exchanges with the US asset administrator during last year.
In May, PME’s senior strategic adviser to responsible investment, Daan Spaargaren, told Bloomberg that the 57 billion-euro retirement manager’s concern was that Blackrock did not do enough to distance itself from its anti-climate rhetoric.
Blackrock and other US assets managers “do not condemn Trump’s actions, how it operates and handles issues such as climate change and the destruction of the judicial system,” Spaargaren then said. “This is worried about us.”