The £1.45bn (€1.8bn) Berkshire pension fund is considering investing as much as 40% of its portfolio in alternative asset classes including hedge funds and commodities, in the latest move by a retirement scheme to diversify holdings in turbulent markets.

It is looking for asset managers to look after a potential £90m allocation to infrastructure; a £70m allocation to emerging market debt; a £60m allocation to high yield debt; £70m to property shares; £50m to active currency; up to £150m in commodities; and £105m in hedge funds.