Legal & Compliance


Client Investment

Jon Mills

Head of Client Investment

The Client Investment team are responsible for delivering a high quality and responsive investment service to clients. They support the Trustee and Pensions Committees in the formation of client investment strategy and provide regular reporting on investment matters to employers and Pensions Committees.

Jon joined in 2004 as Performance & Risk Manager. He has worked in Client Investment Services since 2009 and led the team since 2013. Before joining, Jon led the performance analysis function at several large fund management organisations including Legal & General Investment Management (LGIM).

Investment Strategy & Research

John Greaves

Head of Investment Strategy & Research

John is responsible for scheme strategy, bringing together stakeholders to translate client investment needs into actionable strategy through our client asset allocation framework and the design and specification of our pooled fund range. The team also works closely with our Public Markets, Private Markets and Property teams, helping to evaluate potential new investment ideas, researching asset class strategy and providing ongoing support for macroeconomic and market research.

Before joining in 2012, John previously held a number of roles in private wealth management across equity research, fund research and strategy. He is a CFA charterholder and holds the Chartered Institute for Securities & Investment Diploma and a Master’s Degree in Aeronautical Engineering.

Sustainable Ownership

Michael Marshall

Head of Sustainable Ownership

Michael Marshall is Head of Sustainable Ownership at RPMI Railpen (“Railpen”). As a member of Railpen’s Fiduciary Leadership Team, Michael is accountable for the integration of environmental, social, and corporate governance (ESG) factors into the fiduciary and investment management functions, in order to support the scheme’s mission to pay pensions securely, affordably, and sustainably.

Prior to joining Railpen Michael held a variety of senior roles in pensions, asset management and ESG advisory. He is a member of advisory groups at the British Venture Capital and Private Equity Association (BVCA), the Financial Reporting Council (FRC), the Principles for Responsible Investment (PRI), and the Institutional Investors Group on Climate Change (IIGCC). He studied economics at Bristol University.

Caroline Escott

Senior Investment Manager

Caroline is a Senior Investment Manager and leads our active ownership work globally.

Caroline joined RPMI Railpen in September 2020, having previously been in charge of the investment, stewardship and collective engagement programme at the Pensions and Lifetime Savings Association (PLSA). Prior to this, she was Head of Public Policy at the UK Sustainable Investment and Finance Association (UKSIF).

She is a trustee at the Standard Life Master Trust, winner of Investment Week’s “Investment Woman of the Year 2019” award and was one of Financial News’ 2020 “Top 25 Rising Stars of Asset Management in Europe”.

She has a Master’s degree (with Distinction) in International Political Economy from the London School of Economics, where she graduated top of her year, and holds the Investment Management Certificate (IMC).

Employer Covenant

Paul Burnett

Head of Employer Covenant

Paul is the Head of Employer Covenant. The team provide specialist employer covenant and related corporate finance and restructuring advice to the Trustee.

The team work closely with Railpen’s Investment Office, Pensions Policy and Client Investment Services teams as well as the Trustee’s actuarial and legal advisers, to improve, protect and monitor the covenant strength of sponsoring employers and to provide an integrated approach to funding for the Trustee.

Paul joined the team in 2010. Paul is a Chartered Accountant with over 25 years’ experience in corporate finance, restructuring and turnaround. He is also Chairman of the Employer Covenant Practitioners Association.

Pensions Policy

Bruce Marsden

Pensions Policy Director

Bruce leads the Pensions Policy team, which is responsible for helping the Trustee to deliver to members and pensioners the benefits promised to them by scheme rules and statute. The team ensures that the Trustee receives the advice and support which it requires to keep its schemes adequately funded, properly invested, and run in accordance with the scheme-specific rules, general pensions legislation, and specific railways legislation.

Bruce has over 30 years’ experience in corporate pensions, and has worked for the Trustee since 2003.

Investment Office

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.

Private Markets

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 investments 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.

Andrea Ash

Investment Director

Andrea is responsible for originating, structuring and executing private market investments made within RPMI Railpen’s portfolios. 

Andrea joined in 2018 from Tesco Pension Investments where she was an Alternatives Fund Manager, responsible for investments into alternative credit, private equity and hedge funds.  Andrea has allocated to alternative funds since 2006 and has worked in financial services for over 15 years.

Andrea is a CFA Charterholder and has a BA (Hons) in Economics with French.

Richard Moon

Investment Director

Richard is responsible for originating, structuring and executing private market investments made within RPMI Railpen’s portfolios. Richard joined in 2007 and was previously responsible for managing the existing private equity, commodity and infrastructure portfolios.

Before joining Richard worked at a strategy consultancy providing services to firms within the private equity industry.

Richard has a MA (distinction) in Finance and Investment and a BA in Economics.

Real Assets

Anna Rule

Head of Real Assets

Anna is Head of Real Assets at Railpen and is responsible for implementing the long-term property strategy and managing Railpen’s property portfolio. Anna developed Railpen’s in-house property investment capabilities enabling the internalisation of the property portfolio during 2017. She is also responsible for overseeing property relationships with external parties.  

She joined Railpen in January 2017 and has over 20 years’ investment experience. Before joining Anna held a position as a senior director and fund manager at Aviva Investors where she was responsible for a range of direct and indirect real estate portfolios.

Anna has a first class BSc degree in Land Management, holds the Investment Management Certificate (IMC) and is a FCA approved person.

Matthew Howard

Head of Property Asset Management

Matthew is Head of Property Asset Management at Railpen and is responsible for the development and execution of the portfolio’s asset management and enhancement strategy.

Matthew joined Railpen in March 2017 and has over 20 years’ of asset management experience. Before joining, Matthew held the position of Head of Asset Management at Market Tech Holdings and was responsible for the strategic asset management of retail, leisure, office and residential assets totalling £1bn. Matthew has also held the positions of head of Retail Asset Management at CBRE and Assistant Fund Manager at UBS.

Matthew has a first class BSc Hons degree in Estate Management and holds the Investment Management Certificate (IMC).

Ted Jennings

Investment Director

Ted has responsibility for managing the Long-term Income Fund.

Before joining in 2018 Ted was a portfolio manager at Aviva Investors, managing client portfolios including real estate finance, infrastructure, structured finance and corporate debt. Ted also worked for Friends Life as a portfolio manager managing mutli-asset portfolios and directly executing trades in private assets. He has 17 years’ investment experience.

Ted read Economics at the University of West Indies and holds a Master’s in Financial Analysis and Fund Management from Exeter University. He is also a CFA charterholder.

Public Markets

Craig Heron

Head of Public Markets

Craig is Head of Public Markets and the fund manager for the Growth Fund, Railpen’s liquid return seeking portfolio.

Before joining in 2011, Craig held a position as a multi-asset manager, responsible for a range of portfolios and regional funds at Henderson Global Investors and New Star Asset Management. He has 22 years’ investment experience.

Craig has a Bachelor’s degree in Actuarial Mathematics and Statistics, holds the Investment Management Certificate (IMC) and is a CFA charterholder.

Rachit Sharma

Investment Director

Rachit manages a number of pooled funds, government bond portfolios, and overlays in addition to leading work on macro strategy that informs management of the Growth Fund. Rachit also manages portfolio implementation and capital markets activities including relationships with counterparties and overseeing the outsourced dealing desk.

Before joining Railpen in 2010 Rachit worked in private wealth management advising ultra-high net worth individuals and as a Risk Analyst at an investment bank.

Rachit holds a Bachelor’s degree in Production Engineering from the University of Mumbai and an M.S. in Financial Engineering from Columbia University, New York. He also holds the Investment Management Certificate.

Matthias Eifert

Investment Director,
Fundamental Equities

Steve Artingstall

Investment Director, Alternative Risk Premia

Legal & Compliance

Diane Franklin

Chief Legal & Compliance

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.

Steve Mitchell

Head of Compliance & Risk

Steve is responsible for the compliance and enterprise risk team within our investment business. The team provides assurance to the senior management and relevant boards on the effective control of regulatory and enterprise risk through a process of routine monitoring across the business. The team also provide advisory support and guidance which would include regulatory and business change.

Before joining in 2017, Steve held a number of senior compliance and risk roles at financial services organisations including BNP Paribas, NatWest Bank and Lombard Odier. Steve holds a number of industry qualifications including a Master’s degree in Financial Services Regulation.


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.

Janine Clements

Head of Middle Office Operations

Janine is responsible for the Middle Office Operations team whose primary function is to facilitate the various trading activity that the Investment Office wish to undertake whether directly traded or through the use of external managers, collective investment vehicles or private market opportunities. Middle Office Operations provide operational support across all asset classes for both direct and non-direct trading within the Pooled Funds. Janine has primary responsibility for overseeing the outsourced Middle Office Operations provider, and the Clearing Broker, as well as assisting with the oversight of the outsourced dealing desk. Janine is also responsible for managing the relationship with the global custodian. 

Janine joined in 2013 and has over 20 years’ experience in the investment management industry. Before joining, she was Deputy Head of Operations at one of London’s oldest established hedge funds – Sloane Robinson LLP. Janine holds a BSc. in Insurance & Investment from City University.