Berkshire County Council has asked for expressions of interest to manage a £150m ($240m) UK equity mandate, after expressing disappointment at the results of current manager Mercury.

Jack Johnson, pension fund manager at the council, said: We have reviewed both our active UK managers and the figures for Mercury were both in their terms and ours too near our risk limits."

The final decision on whether to go out to tender is being considered by the trustees, with Hymans Robertson as consultant."