Pensions manager drops BlackRock from ESG index portfolio

Relationship ends months after similar decision by another fund.

US-headquartered asset manager Blackrock has been let go by Dutch pension fund PME.

Serving the metal and technology sector in the Netherlands, PME began defining relevant ESG (environmental, social, and governance) themes and ambitions for the fund in 2022 to come up with its ESG framework.

"Using this ESG framework, we constructed an ESG index portfolio in 2024 consisting of approximately 1,000 companies in developed markets," PME noted in a December 2025 update.

"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.

"As part of managing our ESG index portfolio, we also evaluate BlackRock as an external asset manager. Following this review, we decided to end our relationship with BlackRock."

The decision comes a few months after a similar move by PFZW, which is the Dutch pension fund for the care and welfare industry. In September, a Bloomberg report cited concerns surrounding BlackRock's stance on climate risk.

Meanwhile, PME went on to explain: "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's mandate with Blackrock is said to be worth around $5.9b (€5b).