Investments Team

  • 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 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.

  • Paul Nathan

    Chief Operating Officer

    Paul joined in November 2016 and is responsible for Railpen’s operating model, including Technology, Middle Office, Business Change and Finance functions.

    Prior to joining RPMI, Paul 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.
  • Jan Baker

    People Business Partner

    Jan joined Railpen in June 2016. She is Railpen’s People Team lead and her responsibilities include recruitment, talent management and people development for the business. Jan has over fifteen 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.
  • Richard Williams

    Chief Investment Officer


    Richard joined RPMI Railpen in 2014 and is responsible for overseeing the investment management of our pooled funds, as well as developing our asset management capabilities across the public, private and property markets.

    Prior to joining RPMI Railpen, Richard spent much of his career in senior investment and leadership positions in the commercial asset management industry. In previous roles he managed global fixed income portfolios on behalf of Railpen.

    Richard has been awarded degrees in Mathematics from Oxford University and Business Administration from CASS Business School. He is a Fellow of the Institute and Faculty of Actuaries.