Key Takeaways
- • PFZW, the Dutch pension fund for the care and welfare sector and the world's 11th largest pension fund, withdrew roughly €15bn from Legal & General, €14.5bn from BlackRock and €4bn from AQR Capital Management, according to Bloomberg.
- • The redemptions reflect PFZW's shift from a passive index-tracking approach toward a more conscious, sustainability-focused investment strategy, as described by PGGM's head of mandate management Sander van Stijn.
- • PFZW will rely on Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS and PGGM to oversee an equity portfolio of about €50bn.
- • BlackRock said the redemption was noted in the first half of 2025 and that it has consistently met the mandate's objectives; L&G said its relationship with PGGM remains strong across asset classes. AQR did not respond to a request for comment.
- • Fossil Free Netherlands framed the move as a victory and plans to press other Dutch pensions, including ABP, to follow suit.
Summary
PFZW, the Dutch pension fund for the care and welfare sector, has withdrawn mandates from BlackRock, Legal & General and AQR Capital Management in a move tied to a shift in its investment strategy toward greater emphasis on sustainability. According to Bloomberg, the fund pulled €15bn from L&G, €14.5bn from BlackRock and €4bn from AQR. PFZW is described as the 11th largest pension fund in the world.
Sander van Stijn, head of mandate management at PFZW's service provider PGGM, said in a blog post that the fund is moving from being an index tracker to a more conscious investor. He said the aim is a portfolio that delivers market-level returns within acceptable risk and achieves a relatively high level of sustainability, while supporting major societal transitions such as the energy and food transitions. Bloomberg reported that PFZW will rely on Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS and PGGM to oversee an equity portfolio of roughly €50bn.
BlackRock said it had noted the redemption in the first half of 2025, that it had consistently delivered on the mandate's investment objectives, and that its clients, including Dutch clients, continue to use it for sustainable investing, with more than $1 trillion in sustainable and transition assets under management. L&G said it remains a committed global leader in responsible investment and that its relationship with PGGM remains as strong as ever across asset classes. AQR did not respond to a request for comment.
The move comes amid growing pressure on pension funds to account for climate risk. BlackRock left the Net Zero Asset Managers initiative in January, and many US banks have left the Net Zero Banking Alliance as President Donald Trump opposed green transition efforts. Campaign group Fossil Free Netherlands asked members to urge pensions to withdraw from US asset managers such as BlackRock, and said it would now target other Dutch funds, including ABP. In March, the People's Pension, one of the UK's largest pension funds, moved more than $25bn from State Street to Amundi and Invesco over ESG concerns.
Cynthia Hanawalt of the Sabin Center for Climate Change Law said global asset managers face divergent regulations across jurisdictions, but market forces point in one direction as climate financial risks escalate, adding that the US is becoming an outlier in its resistance to climate adaptation. Zaneta Sedlakova of Planet Law Lab argued that institutional investors owe fiduciary duties that increasingly encompass climate impacts.
Sander van Stijn, head of mandate management at PFZW's service provider PGGM, said in a blog post that the fund is moving from being an index tracker to a more conscious investor. He said the aim is a portfolio that delivers market-level returns within acceptable risk and achieves a relatively high level of sustainability, while supporting major societal transitions such as the energy and food transitions. Bloomberg reported that PFZW will rely on Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS and PGGM to oversee an equity portfolio of roughly €50bn.
BlackRock said it had noted the redemption in the first half of 2025, that it had consistently delivered on the mandate's investment objectives, and that its clients, including Dutch clients, continue to use it for sustainable investing, with more than $1 trillion in sustainable and transition assets under management. L&G said it remains a committed global leader in responsible investment and that its relationship with PGGM remains as strong as ever across asset classes. AQR did not respond to a request for comment.
The move comes amid growing pressure on pension funds to account for climate risk. BlackRock left the Net Zero Asset Managers initiative in January, and many US banks have left the Net Zero Banking Alliance as President Donald Trump opposed green transition efforts. Campaign group Fossil Free Netherlands asked members to urge pensions to withdraw from US asset managers such as BlackRock, and said it would now target other Dutch funds, including ABP. In March, the People's Pension, one of the UK's largest pension funds, moved more than $25bn from State Street to Amundi and Invesco over ESG concerns.
Cynthia Hanawalt of the Sabin Center for Climate Change Law said global asset managers face divergent regulations across jurisdictions, but market forces point in one direction as climate financial risks escalate, adding that the US is becoming an outlier in its resistance to climate adaptation. Zaneta Sedlakova of Planet Law Lab argued that institutional investors owe fiduciary duties that increasingly encompass climate impacts.
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