Key Takeaways
- • bpfBouw, a €70bn Dutch construction-sector pension fund, has selected BlackRock as its new fiduciary manager following a year-long search, citing alignment on international scale, investment expertise, technology support and ESG investing.
- • The decision follows ABP's (via APG) plan to stop taking on fiduciary management for other pension funds from 2030, which left bpfBouw needing a replacement.
- • BlackRock beat Achmea in the final contest; MN and Goldman Sachs had also been in the race earlier.
- • Climate campaigners, led by Follow This's Karel Kuipéri, criticised the choice as contradicting bpfBouw's own climate policy, citing BlackRock's support for only 2 of 129 nature and climate shareholder resolutions in 2025.
Summary
bpfBouw, a €70bn pension fund investing on behalf of members in the Dutch construction industry, has announced its preference for BlackRock as fiduciary manager after concluding a year-long search. According to the fund's statement, BlackRock was judged aligned with its requirements on international scale, wider investment expertise, technological support, executive power and access to global expertise. The fund said it also sees alignment on ESG investing, citing BlackRock's ESG data, analytical capacity and support in developing responsible investment.
The search was prompted by APG, the investment manager for ABP, which currently handles bpfBouw's fiduciary management. ABP announced last year that it intended to streamline its operations and will no longer take in fiduciary management for other pension funds from 2030. BlackRock, the world's largest asset manager, competed with Achmea for the mandate, while MN and Goldman Sachs were also previously in the race.
BlackRock already has a significant fiduciary presence in the Netherlands, having won an OCIO mandate for the Shell Pension Fund. However, several Dutch pension funds have in recent years ended relationships with the firm over climate concerns. The €1.1bn Recreatie Pension Fund terminated its equity mandate with BlackRock last month in favour of Cardano, with ESG considerations playing a role, and the €60bn PME fund previously terminated a BlackRock equity mandate.
Climate campaigners have criticised the appointment. They argue BlackRock has a weak record on climate stewardship, having voted for just 2 of 129 nature and climate-related shareholder resolutions in 2025, and point to its departure from the Net-Zero Asset Managers Initiative. Karel Kuipéri of Follow This said "By choosing BlackRock, bpfBouw contradicts its own policy," noting that bpfBouw's 2026 climate transition plan states that 'tackling climate change is a key part' of its investment policy. BlackRock has pointed to its voting choice offering, which lets clients customise their voting pattern. Earlier this summer, BlackRock also announced a strategic partnership with PCG Impact, the advisory arm of Phenix Capital Group, to help clients allocate to impact managers.
The search was prompted by APG, the investment manager for ABP, which currently handles bpfBouw's fiduciary management. ABP announced last year that it intended to streamline its operations and will no longer take in fiduciary management for other pension funds from 2030. BlackRock, the world's largest asset manager, competed with Achmea for the mandate, while MN and Goldman Sachs were also previously in the race.
BlackRock already has a significant fiduciary presence in the Netherlands, having won an OCIO mandate for the Shell Pension Fund. However, several Dutch pension funds have in recent years ended relationships with the firm over climate concerns. The €1.1bn Recreatie Pension Fund terminated its equity mandate with BlackRock last month in favour of Cardano, with ESG considerations playing a role, and the €60bn PME fund previously terminated a BlackRock equity mandate.
Climate campaigners have criticised the appointment. They argue BlackRock has a weak record on climate stewardship, having voted for just 2 of 129 nature and climate-related shareholder resolutions in 2025, and point to its departure from the Net-Zero Asset Managers Initiative. Karel Kuipéri of Follow This said "By choosing BlackRock, bpfBouw contradicts its own policy," noting that bpfBouw's 2026 climate transition plan states that 'tackling climate change is a key part' of its investment policy. BlackRock has pointed to its voting choice offering, which lets clients customise their voting pattern. Earlier this summer, BlackRock also announced a strategic partnership with PCG Impact, the advisory arm of Phenix Capital Group, to help clients allocate to impact managers.
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