BlackRock Ends Link with Dutch Pension Fund Over Sustainability Clash

Dutch pension fund PFZW has ended its link with BlackRock over a clash on sustainability. BlackRock is a US-based investment management company that provides a range of investment management and technology services to institutional and retail clients. PFZW was a major client of BlackRock, but the two companies disagreed on sustainability issues. PFZW has decided to break ties with BlackRock and explore alternative investment options.

In a significant move towards sustainability, Dutch pension fund PFZW has terminated its €14.5 billion ($17 billion) mandate with BlackRock Inc. [1]. The decision follows growing concerns that the world’s largest money manager is not adequately addressing climate risk and sustainability issues.

PFZW, which manages approximately €250 billion ($290 billion) in assets, will now rely on a mix of new asset managers, including Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS, and PGGM, to oversee an equity portfolio worth €50 billion. The pension fund’s spokesperson confirmed the change, stating that PFZW is developing a new investment strategy that equally weighs financial performance, risk, and sustainability [1].

BlackRock has faced scrutiny from several Dutch pension funds, including PME, which is reviewing its mandate with the company. The criticism stems from BlackRock’s alleged retreat from climate alliances and its stance on net zero policies, which have come under attack from the White House [1].

Dutch pension funds have been under pressure from Fossil Free Netherlands, a local nonprofit, to sever ties with BlackRock. The Break with BlackRock initiative has urged savers to push their pension funds to act, with thousands responding to the call [1].

BlackRock has previously positioned itself as a leader in sustainable and transition investing, offering climate-focused clients in Europe products that align with their preferences. However, the pension fund’s decision highlights the increasing importance of sustainability in investment strategies and the growing pressure on asset managers to align with these values [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-09-03/blackrock-dropped-by-pension-fund-pfzw-after-review-nrc-says