Dutch pension fund PME has withdrawn a $6bn ESG equity portfolio mandate from BlackRock.

The investment will be transferred to UBS Asset Management and MN. The move comes after PFZW cancelled a €12bn equity mandate in September that Blackrock managed.

A PME spokesman said, “We are satisfied with the services BlackRock has provided to PME in recent years, but the board took a broader view in its evaluation. We also considered whether the manager aligns with our values and beliefs regarding investing for the future. MN and UBS align better in that regard.”

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