Dutch engineering pension fund PME has withdrawn around €5 billion in assets from US asset manager BlackRock, saying the company no longer fits with its more sustainable investment policy.

PME said its equity portfolio will now be managed by MN, based in The Hague, and UBS in Zurich. The fund, which had been a BlackRock client for around 10 years, said it is tightening its focus on sustainability and wants greater control over how its investments are managed.

The move places PME among a growing number of European pension funds that have reduced or ended mandates with US asset managers over concerns they are not doing enough on environmental, social and governance (ESG) issues, the Financieele Dagblad reported.

The PME decision follows criticism of BlackRock after it withdrew from an international climate investors’ coalition, citing legal and political pressure in the United States. PME said it views a reduced commitment to climate policy as a long-term risk to investment returns.

BlackRock told the FD in response that it manages more sustainable investments for clients in the Netherlands and worldwide than any other asset manager. A spokesperson said its European business continues to grow, and that it manages about €350 billion for clients in the Netherlands, most of them pension funds.

In September, Dutch health service pension fund PFZW became the first Dutch pension fund to end its collaboration with BlackRock, transfering €14.5 billion in assets to Robeco.