We have a great opportunity for a Portfolio Construction Associate to join our Total Portfolio Investments (TPI) team on a permanent basis in our London office (hybrid based).
Who we areRailpen is responsible for the safekeeping and investment of around £34 billion in assets and the administration of several pension schemes, including the Railways Pension Scheme, one of the UK's largest and longest established pension funds.
Our heritage of looking after the pension needs of the rail industry and its employees gives us our name and our unique outlook on how we serve our members. Railpen takes a holistic view, focusing on how we serve members today and how we can positively impact the communities and the world they will retire into.
To learn more about Railpen including our values, culture and purpose, visit our LinkedIn Life page here
The RoleThe TPI team exists to shape and safeguard the strategic risk and return profile of our clients’ implemented portfolios. As a Portfolio Construction Associate, you’ll be at the heart of this mission – helping to drive investment strategy, influence portfolio construction decisions, and ultimately deliver stronger investment outcomes for our clients.
In this role, you’ll work closely with colleagues in the TPI team and portfolio management teams to deliver high quality portfolios for our client. Your work will include reviewing the mandates given to portfolio managers, reviewing the implemented portfolios to identify potential risks, monitoring liquidity across the total portfolio, constructively challenging portfolio managers, and recommending adjustments where needed.
You will also be involved in monitoring our clients’ exposures to pooled funds, recommending changes to these and the preparation of instructions to implement those changes. This is a role where your insights really matter, helping to ensure we deliver thoughtful, effective solutions aligned to client needs.
This role is not eligible for visa sponsorship. Applicants must have the legal right to work in the UK.
The PersonThe ideal candidate will bring hands-on experience delivering growth‑focused investment mandates, including shaping their design and navigating how these mandates should adapt as markets evolve or client needs change. You’ll have a good knowledge of building multi‑asset investment strategies, ideally across a broad range of investor requirements. We’re looking for someone who is comfortable working beyond traditional beta — with exposure to alternative and real asset classes such as infrastructure and/or private equity. Experience making investment decisions under a delegated mandate from an asset owner would be an advantage, although it’s not essential.
The successful candidate will be open‑minded, adaptable and committed to delivering high‑quality output. You’ll be able to balance multiple priorities with ease, staying focused even as the team’s responsibilities evolve. Effective communication skills are essential – you’ll need to engage, influence and simplify complex concepts through clear, impactful language.
A key part of the role is having the confidence to think differently and constructively challenge ideas to help move processes forward, while staying humble, curious, and open to challenging your own thinking too. We’re looking for someone with a passion for long‑term multi‑asset investing and a continuous‑learning mindset – someone who is seeking to grow, refine their expertise, and contribute fresh insight.
Our values of integrity, community and alignment are the guiding principles that influence our behaviour. They help us make decisions and shape our relationships with others. They’re what we stand for. You will actively demonstrate our values, helping to create a safe environment, to place the needs of the community above oneself and, through a culture of ‘fair challenge’, align to the best interests of our members.
What we can offer youRewarding youA competitive salary
28 days annual leave plus bank holidays
Generous annual bonus plan
We provide membership of the Railways Pension Scheme, a Defined Benefit arrangement under which you get a pension for life and a lump sum when you retire, based on your length of service and pay
4x Life Assurance cover
Colleague referral scheme
Employee assistance programme
Heath cash plan
Eye care vouchers
Flu vaccination
We support hybrid and flexible working along with very generous family leave including 12 months full pay maternity leave and 6 months full pay paternity leave
Buy and sell holidays
Give as you earn scheme
Paid volunteering days
Flexible half days leave
Electric vehicle leasing
Cycle to work scheme
Please apply for the apply button or visit Careers Page by Monday 16th March 2026.
Railpen is committed to creating an inclusive and diverse environment, we value diversity and welcome people from all backgrounds and walks of life.
Top Skills
What We Do
The Railways Pension Scheme is one of the UK’s largest and longest established pension funds. Railpen is responsible for the safekeeping and investment of around £34 billion on behalf of the scheme’s 350,000 members who are connected to the railway industry.
Railpen's purpose is to secure our members' future. To achieve this we invest the scheme’s assets to generate strong returns over the long term.
Our members and their employers trust us with this very significant responsibility. We are proud of this responsibility, take it very seriously, and are committed to, and passionate about, improving their future lives.
Generating the required returns is challenging. To be successful we must constantly strive to be considered a world-class asset owner by our stakeholders, with a proven track record of adding value for our members. This means we have to have excellent people, doing exemplary work, in every part of our business.
We use the size of our assets to invest wisely and influentially. Our convictions and a clear set of investment beliefs guide us through complex and changing markets. We’re not afraid to think innovatively or act boldly in the best interests of the members we are proud to serve
