€70 billion in pension assets are set to move under BlackRock’s fiduciary management after Dutch construction fund BpfBouw named it the preferred candidate, with the appointment still subject to final contract talks.
BpfBouw said BlackRock best matched its needs for global scale, investment expertise, technology, execution capacity and ESG support, and will explain its full rationale after negotiations conclude.
Follow This said the choice clashes with BpfBouw’s 2026 climate transition plan, contrasting BlackRock’s support for just 2 of 129 climate and nature resolutions in 2025 with Achmea IM’s backing for more than 90% of about 57.
The mandate adds to mixed pension-fund sentiment toward BlackRock after its retreat from some climate initiatives: Dutch funds including PFZW, PME and Pensioenfonds Recreatie cut ties, while Sweden’s AP3 and Britain’s BCSSS kept or awarded mandates.