BlackRock Loses $17 Billion Mandate at Dutch Pension Fund (1)

BlackRock Inc. 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 the best interests of clients when it comes to climate risk.

PFZW, which oversees 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 for the pensions manager told Bloomberg on Wednesday.

A BlackRock representative said the asset manager “noted PFZW’s redemption in the first half of 2025,” adding ...