Railpen hires head trader in preparation for in-house trading
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Tom O'Kelly joined RPMI Railpen as head trader as part of the manager's decision to internalize its trading desk.
Mr. O'Kelly reports to
Rachit Sharma, investment director, who oversees Railpen's execution arrangements, a news release said.
The firm, which manages £31 billion ($43.4 billion) in assets on behalf of the railway pension plans, expects to have an operational, internal trading desk in place in the summer. The move follows "substantial growth in Railpen's trading activity over the past few years," the release said.
All trading will move to the internal desk “in due course,” a spokesman for Railpen said. Railpen currently uses BNP Paribas Securities Services' outsourced dealing service, he added.