Investment Leadership Team

Julian Cripps

Managing Director

Julian is responsible for the overall management and continuing development of the Railway Pension Scheme’s investment management capability. His primary focus is to ensure we attract and retain the best possible talent to achieve our long-term investment goals.

Julian joined in 2015 and has had a long career in the financial services sector, working predominantly for asset management companies but also in retail banking and strategic consulting. He has worked for a broad range of companies including some of the UK’s leading blue chip banks as well as smaller companies. Before joining Railpen Julian was a founding partner and COO of River and Mercantile Asset Management.

Julian is a Director of RPMI Group Limited, and has an MBA from Ashridge Business School.

Jan Baker

People Business Partner

Jan is Railpen’s People Team lead and her responsibilities include recruitment, talent management and people development for the business.

Jan joined Railpen in June 2016 and has over 15 years’ experience working as both an HR generalist and recruitment specialist within the UK finance industry. She has experience in the design and delivery of creative HR solutions in response to the need for innovation and return on investment in the Financial Services Sector.

Victoria Bell

Director, Trustee Accounting

Victoria is responsible for scheme and investment accounting policy, investment tax, budgets and costs of the scheme’s pooled investment vehicles, daily pricing and trading of units in the scheme’s pooled investment vehicles. She also represents the business on the Pensions Research Accountants Group. Victoria joined the organisation in 1997 and has previously worked in a number of senior finance roles.

Victoria is a member of the Institute of Chartered Accountants in England and Wales, with which she qualified in the mid-1990s while working at one of the big four accountancy firms. She holds a BA Hons (Cantab.) in Mathematics.

Paul Bishop

Head of Private Markets

Paul’s responsibilities include management and oversight of all private market and alternative investments and he takes an active role in sourcing, negotiating and executing investments. He was previously responsible for leading the investment management team in researching, selecting and monitoring the Scheme’s investment across multiple asset classes.

Before joining, Paul was Chief Investment Officer of a UK life assurance and asset management company responsible for the management of portfolios across public and private markets. Paul also has experience as a Senior Investment Consultant. He is a CFA Charterholder and a Chartered Alternative Investment Analyst.

Paul Nathan

Chief Operating Officer

Paul runs Railpen’s operating platform, ensuring scalable, robust and cost efficient support to the investment teams. He is responsible for the Technology, Middle Office, Business Change, Legal and Finance functions.

Paul joined in 2016. He has held COO roles at the Church Commissioners, Oxford University’s Saïd Business School, and Old Mutual Global Investors. He began his career as a solicitor specialising in intellectual property.

Paul holds a degree in Physics from Oxford and an MBA from INSEAD.

Michelle Ostermann

Chief Fiduciary Officer

Michelle is responsible for determining the high-level investment strategy and risk appetite for the railways pension schemes and defining the range of our internally managed pooled funds. She is also responsible for both the Sustainable Ownership strategy and client relationship management.

Michelle joined in 2019. She has 25 years’ experience in the investment, insurance and pension industries. Michelle joined us from British Columbia Investment Management Corporation where she was Senior Vice President Responsible for investment risk, strategy, research, and corporate relations.

She has a Bachelor of Science degree in Economics and holds a Chartered Financial Analyst designation.

Richard Williams

Chief Investment Officer

Richard is responsible for developing our asset management capabilities and overseeing the investment management of our pooled funds.

Richard joined in 2014. He spent much of his prior career in senior investment and leadership positions in the commercial asset management industry and in these roles managed portfolios for Railpen.

Richard has degrees in Mathematics and Business Administration and is a Fellow of the Institute and Faculty of Actuaries.