bpfBouw selects BlackRock as fiduciary manager, citing ESG alignment
bpfBouw, the fourth-largest pension fund in the Netherlands has picked BlackRock as its new fiduciary manager, citing ESG alignment as one factor in the selection process
bpfBouw, a €70bn pension fund investing on behalf of members in the Dutch construction industry, has concluded a year-long search for a new fiduciary manager, announcing its preference for BlackRock to take the role.
BlackRock, the world's largest asset manager, was in the running against Achmea, with other major managers such as MN and Goldman Sachs also previously having been in the race.
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The pension fund announced today it considers BlackRock to be aligned with its requirements in terms of international scale, wider investment expertise, technological support, executive power and access to global expertise. "We also see alignment on ESG investing, among others due to the availability of their ESG data, analytical capacity and support in the development of responsible investment," the fund said in a statement released today.
The fiduciary management of bpfBouw currently still sits with APG, the investment manager for ABP, Europe's largest pension fund. However, ABP had announced last year that it intended to streamline its operation. From 2030 on, it will no longer take in fiduciary management for other pension funds.
This decision has prompted a search for a new fiduciary manager for bpfBouw, with the world's largest asset manager appearing to come out as the winner. BlackRock already has a significant fiduciary presence in the Netherlands, where it already won an OCIO mandate for the Shell Pension Fund.
However, a number of major Dutch pension funds have in recent years parted ways with BlackRock, citing concerns over climate alignment. Just last month, the €1.1bn Recreatie Pension Fund announced that it has terminated its equity mandate with BlackRock, opting to invest via Cardano instead, with ESG considerations having played a role in the decision-making process. Earlier, the €60bn PME fund had also terminated a BlackRock equity mandate.
The move to appoint BlackRock has sparked criticism from climate campaigners who argue that BlackRock has a poor track record on climate stewardship, having voted for just 2 out of 129 nature and climate-related shareholder resolutions in 2025. They also point out BlackRock's decision to depart from the Net-Zero Asset Managers Initiative.
"By choosing BlackRock, bpfBouw contradicts its own policy," responds Karel Kuipéri of Follow This. In its 2026 climate transition plan, bpfBouw underlines 'tackling climate change is a key part' of its investment policy.
"BlackRock falls well short when one factors in a fiduciary asset manager's role in limiting climate change," Kuipéri comments. "BlackRock is on the wrong side of history when it comes to the climate crisis."
BlackRock, on the other hand, has previously pointed to its voting choice offering, which gives its clients the option to customise their voting pattern.
Earlier this summer, BlackRock also announced a new strategic partnership with PCG Impact, the advisory arm of Amsterdam-founded impact investing specialist Phenix Capital Group, in a bid to help its clients with allocations to impact managers.
