BlackRock & LGIM Face $34 Billion Blow as Pension Fund Shifts ESG Strategy

A major institutional shift in the investment world has seen Dutch pension fund PFZW withdraw billions from BlackRock and Legal & General Investment Management (LGIM), signaling a growing focus on sustainable investments. PFZW reallocated roughly $34 billion in mandates to new managers, who will prioritize environmental, social, and governance (ESG) factors for their portfolios.