Investments Executive Committee


Michelle Ostermann

Managing Director


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

Michelle joined Railpen in January 2019 as Chief Fiduciary Officer and was appointed Managing Director in December 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.

Jan Baker

HR, 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.

Diane Franklin

Chief Legal & Compliance Officer


Diane is responsible for all legal services provided across the business, including drafting and negotiating Investment Management Agreements and Third Party Administration Agreements.

Diane qualified as a corporate lawyer in 2001 and her specialism is in the financial services field, having advised on private equity funds and collective investment schemes. She joined as a secondee from a city law firm in 2005 and on a permanent basis in 2006. While in private practice Diane obtained particular experience in mergers and acquisitions, advising both investment banks and city corporates. She was also involved in Initial Public Offerings of company shares both on the London and New York stock exchanges.

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.

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.