RMPI Railpen hires Aviva Investors’ Rule

The UK railways pension scheme manager, which looks after 500,000 pensions, has appointed Aviva Investors’ fund manager Anna Rule as head of property to increase its in-house property investment capabilities. 

RPMI Railpen, which manages the £24 billion ($31.2 billion; €28 billion) Railways Pension Scheme, has appointed Anna Rule to a new role as head of property.

The firm said Rule will have responsibility for developing RMPI Railpen’s in-house property investment capabilities and will oversee relationships with external parties.

Rule has 20 years’ industry experience in real estate markets across many sectors and geographical locations in the UK and Europe. Previously a senior director and fund manager at Aviva Investors, she will take up her position in the New Year.

In her previous role she managed mandates totalling £2.2 billion, including the £1.1 billion Aviva Investors’ Pooled Pension Fund, and successfully launched two opportunity funds.

Richard Williams, investment director at RMPI Railpen, said: “Anna’s appointment is an important step in further developing our in-house investment expertise so that we can strengthen our ability to deliver attractive investment returns for our members. Anna will be working closely with Orchard Street, Railpen’s longstanding partner for property investment.”

Orchard Street Investment Management has been managing a UK property mandate for RMPI Railpen since 2005. In 2008, it was given greater discretion over investments.

RPMI would not comment on whether it would be taking over the Orchard Street mandate internally.

RMPI Railpen, which has assets under management of £24 billion, looks after the pensions of some 500,000 people in the UK. The Railways Pension Scheme has around £1.9 billion invested in real estate.