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4d ago

PFZW Drops €14.5 Billion BlackRock Equity Mandate in Sustainability Push

The Dutch pension fund shifted to a curated, multi-manager equity lineup to align stewardship with its climate priorities.

A trader works as a screen displays the trading information for BlackRock on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 14, 2022. REUTERS/Brendan McDermid/File Photo
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BlackRock has said many shareholders’ environmental and social proposals were overly prescriptive or lacked economic merit

Overview

  • PFZW confirmed it ended a roughly €14.5 billion BlackRock-run equity mandate and reassigned the money across managers including Robeco, Schroders, UBS, Lazard, Man Numeric, Acadian, M&G and PGGM.
  • PGGM, which manages PFZW’s investments, cited BlackRock’s reluctance to back sustainability resolutions and the need to avoid conflicting shareholder votes as key reasons for the split.
  • As part of a broader overhaul, PFZW moved away from passive equity exposure, sold stakes in more than 2,600 companies and selected 756 for a more concentrated portfolio.
  • PFZW manages about €250 billion overall with roughly €50 billion in equities, and it said it still uses BlackRock for money market funds.
  • BlackRock said it noted the redemption and continues to offer sustainable investing options, while Dutch funds face activist pressure and several peers are reviewing mandates over stewardship concerns.