Key Takeaways
- • AQR Capital Management has lost a €4bn ($4.7bn) mandate with Dutch pension fund PFZW, according to Bloomberg, as the €250bn asset owner restructures its external manager lineup.
- • PFZW ended mandates with BlackRock (€14.5bn) and Legal & General (€15bn) as part of a broader restructuring of its €50bn equity portfolio.
- • PFZW's revised strategy gives equal weight to financial returns, risk management and sustainability, with particular emphasis on the energy transition.
- • AQR, managing about $146bn globally, says it integrates ESG signals across roughly 80% of its portfolios.
- • PFZW will rely on Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS and PGGM for its revamped equity allocation.
Summary
AQR Capital Management has lost a €4bn ($4.7bn) mandate with PFZW, the Dutch pension fund with roughly €250bn in assets, according to a report by Bloomberg. The fund cut ties with several external managers over concerns about their commitment to sustainability. AQR had managed a long-only equity mandate for PFZW.
The decision is part of a broader restructuring of PFZW's €50bn equity portfolio, which also saw the fund end mandates with BlackRock (€14.5bn) and Legal & General (€15bn). PFZW said its revised strategy gives equal weight to financial returns, risk management and sustainability, with a particular emphasis on the energy transition. The fund said it will now rely on Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS and PGGM for its revamped equity allocation.
AQR, which manages about $146bn globally, said it integrates ESG signals across roughly 80% of its portfolios and remains committed to helping clients meet both sustainability and return objectives. In a statement, an AQR spokesperson said the firm is committed to its data-driven approach to helping clients achieve ESG goals alongside risk and return objectives, and that it respects PFZW's strategic pivot.
The move reflects a wider trend in Europe, where institutional investors are becoming more vocal about managers they perceive as stepping back from ESG commitments. Dutch pensions face pressure from campaign groups such as Fossil Free Netherlands, which has urged funds to cut exposure to asset managers linked to fossil fuels.
The decision is part of a broader restructuring of PFZW's €50bn equity portfolio, which also saw the fund end mandates with BlackRock (€14.5bn) and Legal & General (€15bn). PFZW said its revised strategy gives equal weight to financial returns, risk management and sustainability, with a particular emphasis on the energy transition. The fund said it will now rely on Robeco, Man Numeric, Acadian, Lazard, Schroders, M&G, UBS and PGGM for its revamped equity allocation.
AQR, which manages about $146bn globally, said it integrates ESG signals across roughly 80% of its portfolios and remains committed to helping clients meet both sustainability and return objectives. In a statement, an AQR spokesperson said the firm is committed to its data-driven approach to helping clients achieve ESG goals alongside risk and return objectives, and that it respects PFZW's strategic pivot.
The move reflects a wider trend in Europe, where institutional investors are becoming more vocal about managers they perceive as stepping back from ESG commitments. Dutch pensions face pressure from campaign groups such as Fossil Free Netherlands, which has urged funds to cut exposure to asset managers linked to fossil fuels.
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