Pension Fund

Railpen names CIO, head of private markets

Richard Williams was named chief investment officer at RPMI Railpen, and Paul Bishop was appointed head of private markets.

The roles are new and effective immediately. Mr. Williams was investment director at the firm, which runs the assets of the £28 billion ($39.2 billion) Railways Pension Scheme, London. He joined in 2014.

He has overall responsibility for the firm's money management capabilities across public, private and real estate markets, and is also responsible for ensuring the implementation of Railpen's pooled strategies meet the needs of the Railways fund.

Mr. Bishop also was an investment director. In his new he takes on responsibility for the management and oversight of all private market investments. He joined Railpen in 2011.

Details on their previous responsibilities were not available.

"Through their continued efforts (Messrs. Williams and Bishop) will help to grow our internal investment capabilities and fulfill our mission to pay members' pensions securely, affordably and sustainably," said Julian Cripps, managing director at Railpen, in a news release.

A statement provided by a spokesman said as Mr. Williams assumes broader responsibility for developing the firm's investment management capabilities and oversight of the private markets activity, some of his previous responsibilities will be delegated to his teams. Mr. Bishop's role remains largely the same and "the change in job title more accurately reflects his responsibilities."

The statement added there is an ongoing recruitment process to fill the vacancy created when Ciaran Barr, investment director, left Railpen earlier this year.