Engineering pension fund PME, one of the largest in the Netherlands, is considering breaking ties with asset manager BlackRock after it pulled out of Net Zero Asset Managers, an organisation committed to reducing greenhouse gases in line with international agreements.

PME has asked BlackRock for an explanation and will then decide whether or not to keep some €5 billion in assets with the company.

“For years, under the leadership of their CEO Larry Fink, they invested aggressively in climate policy,” said Daan Spaargaren, who is in charge of responsible investments at PME.

“But since the rise of Trump and conservatism in the United States, they have completely shifted direction. BlackRock is the largest asset manager in the world, and that comes with responsibility. This is why we are concerned.”

Spaargaren told broadcaster NOS that BlackRock is also withdrawing from various climate-related initiatives. “This means they are drifting away from being an asset manager that pursues the same goals as we do,” he said.

Campaign group Fossilvrij has also called on all Dutch pension funds to pull out of BlackRock because of its shift on environmental strategy.

BlackRock had over €280 billion in assets from Dutch clients under management, Trouw reported on Thursday. Some three-quarters of that is down to pension funds.

Dutch pension funds, including civil service giant ABP, PMT and PME, have already been reducing their investments in fossil fuels.

Last week, it emerged that ABP had also sold its investments in Tesla last September, citing unhappiness at Elon Musk’s pay deal.