Story perspectives

Dutch Pension Fund Cuts Ties with BlackRock Over ESG Concerns

12/16/2025

Summary

Story summary

Dutch pension fund PME terminated its €5 billion equity mandate with BlackRock due to misalignment with its sustainable investment policy.
PME, which manages €59 billion for metal and technology, will work with MN and UBS.
The move mirrors a trend of European pension funds distancing from US asset managers over ESG concerns.
BlackRock faced criticism for withdrawing from climate investors’ coalition, while claiming it manages more sustainable assets than any competitor.

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Story summary

Dutch pension fund PME terminated its €5 billion equity mandate with BlackRock due to misalignment with its sustainable investment policy.
PME, which manages €59 billion for metal and technology, will work with MN and UBS.
The move mirrors a trend of European pension funds distancing from US asset managers over ESG concerns.
BlackRock faced criticism for withdrawing from climate investors’ coalition, while claiming it manages more sustainable assets than any competitor.