UK - Railpen Investments, which runs the £17bn (€24.9bn) industry-wide Railways Pension Scheme, has named the Wellcome Trust's Keith Shepherd to the new role of head of investment management.

Shepherd, 46, will oversee four internal staff and 35 external fund management firms and report to investment director Brendan Reville. The appointment is part of the ongoing development of investment resources at Railpen, a spokeswoman said.

"In his new role at Railpen Investments, Keith will be responsible for the research, selection and construction of portfolios of managers, provision of advice on changes to portfolio parameters and developing the investment process for assessment and appointment of managers," Railpen said.

Reville said: "The appointment of Keith Shepherd represents the growth and development of our investment resources for the Railways Pension Scheme.

"His extensive expertise in the research, design and implementation of specialist multi-manager investment structures made him an ideal fit for our organisation and I believe his appointment will be a huge asset to our well established team."

Railpen said Shepherd spent five years at Wellcome as head of public equities and prior to that at the City of Edinburgh Council as head of investment and treasury.

"The opportunity to work for one of the UK's largest pension funds was a major factor in my decision to join the team at Railpen," Shepherd said.

"The company's reputation for innovation and forward thinking attitude is extremely exciting for me as a new recruit and I'm very much looking forward to getting involved in the progression of the pension fund strategy as the company continues to take great steps ahead in its investment approach."

Railpen Investments and Railway Pensions Management run the Railways Pension Scheme and other railway pension schemes including the British Railways Superannuation Fund and British Transport Police Force Superannuation Fund on behalf of the Trustee, Railways Pension Trustee Company limited.