Netherlands' PFZW Pension Fund Terminates BlackRock and Janus Henderson Credit Mandates Amid Sustainability Concerns

The Dutch pension fund PFZW has removed BlackRock and Janus Henderson from its list of external managers for its corporate bond portfolios. The fund, with a managed assets of around $250 billion, has been undergoing a comprehensive overhaul, prioritizing sustainability. BlackRock and Janus Henderson's mandates, worth under $1 billion and over $1 billion respectively, were removed due to their inability to address ESG risks. The fund has awarded new credit mandates worth around $11 billion to Aberdeen, PGIM, T. Rowe Price, and Robeco Institutional Asset Management.