Keith Shepherd was appointed head of investment management for Railpen Investments, which manages the £17 billion ($32 billion) Railways Pension Scheme, Darlington, England. It is a new position, said spokeswoman Jessica Gooch. Mr. Shepherd, who will report to Investment Director Brendan Reville, will manage a team of four in-house investment professionals and oversee "the assessment and appointment" of external managers, Ms. Gooch said. Railpen currently has about 35 fund managers on its roster. Mr. Shepherd is scheduled to join Railpen in June. He was head of public equities at the Wellcome Trust, London, a medical charity with £:11.6 billion in assets as of Sept. 30, according to its annual report. The Wellcome Trust is in the process of recruiting a replacement, according to Craig Brierley, media officer.