Italy’s €277m Fondo Pensione Ubifondo is seeking managers for equity and fixed income mandates worth more than half the fund’s value.

Ubifondo said it was looking for a manager to oversee a €60m equity mandate and a €90m bond mandate.

The fund added that the equity mandate should have no more than 5% in listed stocks below investment grade, and stick to a tracking error of no more than 5%.

The bond mandate will similarly be limited to 5% in non-investment-grade holdings, with a 3% maximum tracking error.

Both contracts will run for three years, with the possibility of a two-year renewal in each case.

In other news, the UK’s Berkshire Pension Fund has awarded Kames Capital a global equity income mandate worth £85m (€108m).

The award comes in addition to other commitments by the local authority fund to the manager’s global equity dividend strategy, which, including the new allocation, sees a £200m commitment from Berkshire.

Nick Greenwood, pension fund manager at the Royal Borough of Windsor and Maidenhead, the fund’s administering authority, said: “We have been impressed with the depth and rigour of Kames Capital’s global equity income process, and we are confident in the team’s ability to deliver a reliable and sustainable income stream, with the potential for long-term capital growth.”