The Dutch pension fund PME has ended its relationship with BlackRock, after a review of how the investment manager aligns with the pension fund's environmental, social and governance (ESG) framework.

It is the second Dutch pension mandate that the asset manager has lost in the past few months, as in September, the Pension Fund for Healthcare and Welfare (PFZW) also cut ties with BlackRock.

PME said it began defining its ESG themes and ambitions in 2022, which became an ESG framework. This led to the construction of its ESG index portfolio in 2024, consisting of approximately one thousand companies in developed markets.

“Together with a focused portfolio of about 250 companies, this forms our ‘Portfolio of Tomorrow’ – an equity portfolio in which every company is selected based on deliberate choices aimed at achieving solid returns and supporting a livable world,” PME stated.

As part of managing its ESG index portfolio, PME said it evaluated BlackRock and subsequently decided to end its relationship with the manager.

“BlackRock has provided PME with high-quality services for many years in managing part of our equity portfolio. We value that collaboration and the contribution they have made in managing our investments.

“However, PME also considers which external managers best align with our vision and the principles of the Portfolio of Tomorrow. PME has decided that going forward, our equity portfolio will be managed by two asset managers instead of three,” PME said.

European Pensions has contacted PME for further information.

---