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AMSTERDAM (Reuters) -Dutch pension fund PFZW has ended its relationship with wealth supervisor BlackRock in an overhaul of its funding portfolio geared toward prioritising sustainable investments, it mentioned on Wednesday.
The Netherlands’ second-largest pension fund has chosen 756 firms to put money into and has bought its stakes in over 2,600 different firms in latest months.
“For the following 5 years, we intention for a greater stability between our want for good returns, acceptable dangers and sustainability,” PFZW spokesperson Ellen Habermehl advised Reuters.
The overhaul led to the number of seven wealth managers, together with Robeco, Schroders, UBS and Lazard, however not BlackRock.
BlackRock’s Dutch workplace didn’t instantly reply to a request for remark.
Whereas many U.S. and different multinational firms have shifted away from sustainable enterprise fashions for the reason that re-election of U.S. President Donald Trump, a number of the greatest Dutch pension funds nonetheless think about sustainability is the perfect long-term method.
In an interview with Dutch newspaper NRC, the fund’s funding supervisor PGGM mentioned its choice to finish its relationship with BlackRock was due partly to its reluctance to assist sustainability resolutions at shareholder conferences.
The fund needs to keep away from that its personal votes at these conferences battle with these of the wealth managers it really works with.
“In any other case issues get very difficult,” PGGM funding knowledgeable Sander van Stijn advised NRC.
PFZW has round 250 billion euros ($293 billion) in complete belongings, with round 50 billion euros invested in shares.
The nation’s largest pension fund ABP, which holds 544 billion euros in complete belongings, final 12 months mentioned it could reduce investments with a big local weather influence, whereas directing more cash to firms and initiatives that assist to enhance society and the surroundings.
($1 = 0.8542 euros)
(Reporting by Bart Meijer; modifying by Barbara Lewis)
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