Particle.news
Download on the App Store
4 ARTICLES
·
2h ago

PFZW Drops €14.5 Billion BlackRock Mandate in Sustainability Overhaul

The Dutch fund reallocated the €14.5 billion mandate across seven managers to align proxy voting with its sustainability goals.

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
Image
BlackRock has said many shareholders’ environmental and social proposals were overly prescriptive or lacked economic merit

Overview

  • BlackRock said it noted PFZW’s redemption in the first half of 2025, with the mandate valued at €14.5 billion at end-March.
  • PFZW moved the equity mandate to Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G and UBS.
  • The fund now holds 756 selected companies after selling positions in more than 2,600 as part of its strategy shift.
  • PFZW and investment manager PGGM cited misalignment on stewardship, including support for climate resolutions, and a need to avoid conflicting proxy votes.
  • PFZW is targeting a five-year balance of returns, risk and sustainability, and it retains only money market investments with BlackRock as PME reviews its own BlackRock mandate.