PME, a Dutch pension fund overseeing about $70 billion, has severed ties with BlackRock Inc. based on an assessment that the world’s largest money manager no longer acts in its best interests on issues such as climate risk.
The decision means that BlackRock will no longer oversee a €5 billion ($5.9 billion) equity mandate, PME said by email. Instead, the portfolio is being transferred to UBS Group AG and MN, an investment manager based in The Hague, PME said. A decision on how much each firm will manage will be made in the coming months, it said.
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