The investment manager for the Railways Pension Scheme, one of the UK's largest, has made a round of promotions in its investment team and begun a search for its first ever chief risk officer, as pensions investors look to improve their long-term strategies.

Railpen Investments is looking for a new chief risk officer, following a poor year in 2008, when it made about a 25% loss. Figures for 2009 have not yet been released, although there is likely to have been a recovery.