Dutch pension fund PME, which manages about $70 billion in assets, terminated its cooperation with BlackRock on the grounds that it assessed that the latter was no longer in its best interest on issues such as climate risk. This means BlackRock will no longer be responsible for managing its €5 billion equity entrustment, PME said via email. The fund said the portfolio will be taken over by UBS and investment management company MN, and will determine the size of each of the two companies' management in the next few months.

Dutch pension fund PME, which manages about $70 billion in assets, terminated its cooperation with BlackRock on the grounds that it assessed that the latter was no longer in its best interest on issues such as climate risk. This means BlackRock will no longer be responsible for managing its €5 billion equity entrustment, PME said via email. The fund said the portfolio will be taken over by UBS and investment management company MN, and will determine the size of each of the two companies' management in the next few months.