Investment Committee


The Investment Committee is a sub Committee of the Board of Trustees and is comprised of a number of Trustees and independent advisors.  It is advised by a team from Stanhope Consulting.

Mr Keith Shepherd (Chair, Trustee)

Keith is a qualified accountant who has specialised for over 25 years in managing and advising on the investment of major institutional portfolios. He has worked in the public, private and charitable sectors, responsible for the investments of various pension funds and endowments. This has involved helping to develop and implement investment strategies and management arrangements appropriate to meet the requirements for a very diverse range of stakeholders. Keith started his career in local government, culminating as Head of Investment and Treasury at the City of Edinburgh Council. From there he went to be the Head of Public Equities at the UK’s largest endowment, the Wellcome Trust. After 5 years he moved to the Railways Pension Scheme, eventually becoming Chief Investment Officer of its investment operation, RPMI Railpen. His most recent role was at the BP Pension Scheme, where he was the Investment Strategy Executive for the Trustee. He now runs his own advisory business. 

Mr Mike Bellamy (Trustee)

Mike grew up in London and graduated from London University.  After teaching in a coed Grammar School for three years he joined the NHS and worked in it for 36 years in London, 18 of which were as a CEO.  He has since been on three NHS Boards in non executive positions, as well as being a Governor on two University Boards.   He has also been a Trustee of various health charities.  He has had a longstanding interest in research and innovation as well as in education and training.  He is Deputy Chairman of the local branch of the U3A and so is very interested in improving the wellbeing of older people. He is also a school governor as well as being a Mental Health Act manager.

Mrs Zoe King (Independent Advisor)

Zoe graduated from Oxford University in 1994 and was recruited by Foreign & Colonial to join their UK Equities team, where she was involved in the management of pension funds and charities for five years. She left Foreign & Colonial in 1999 to join the Private Client division of  Mercury Asset Management (latterly Merrill Lynch Investment Managers), where she remained until joining Smith & Williamson in January 2003. She specialises in looking after irreplaceable capital and was included in the PAM (Private Asset Managers) 2013 list of ‘Top 40 under 40’.  Zoe acts as investment adviser to a number of charities and is a non-executive director of Henderson High Income Trust.

Ms Helen Christie (Independent Advisor)

Ms Susan Kay (Executive Director, ex offcio)

Sue is a strategic planning and governance specialist having spent the first half of her career in private sector finance, strategic marketing and corporate mergers and acquisitions.  Following a sabbatical to undertake a Master’s degree in science policy and innovation, she has spent the latter half working on the executive board of a number of UK higher education institutions in strategy, finance and planning roles and as a non executive on the Board of a college of further education.  She has most recently combined heading up a national academic network of senior scientists and engineers with being governance lead for a philanthropic almshouse trust. She is a Trustee of the Daphne Jackson Trust.


Mr Eren Osman (Independent Advisor)

 Eren started his career in financial services in 2003; most recently he joined Arbuthnot Latham in 2012. Eren sits on the Tactical Asset Allocation Committee, taking a key role in investment decisions on behalf of the bank’s clients; he is head of Fixed Income and also leads the US Equity research functions. Eren works with a number of private clients, family offices and charities in seeking to deliver the investment objectives via diversified discretionary management portfolios. He holds the IMC and CFA qualifications and a B.A. (Hons) in Economics from the University of West of England. Eren is UK Level 7 Qualified.

Mr John Ransford CBE (Trustee)

dunhill-medical-trust-181116-35John trained as a social worker and started his career as a Probation Officer in London. Then for twenty five years he worked in local government in Yorkshire, becoming successively Director of Social Services and Chief Executive, first in Kirklees Metropolitan Borough ‎and then at North Yorkshire County Council.

He held several senior roles in ADASS (now The Association of Directors of Adult Social Services) and was Honorary Secretary from 1992 to 1996. He was awarded the CBE for services to social work in 1997.

From 1998 to 2011 he worked at the Local Government Association (LGA) supporting councils in England and Wales and representing them in Whitehall and Westminster. During this period he led on health and social policy, public protection services and pay, conditions and pensions for local government staff. He was the lead national employer’s  officer dealing with the Fire Service dispute from 2002 to 2005. More widely, he was responsible for consultation and negotiations with local government and health bodies in regional, national and European forums. He became Chief Executive of the LGA in 2009 until his retirement in December 2011.

A Trustee of the Dunhill Medical Trust since 2013 and Chair of its Investment Committee from 2014 until 2019, John is active in national and local lobbying for improved and sustainable health and social care.  ‎He is a Director of HC-One Ltd, a major national provider of residential care for older people, and a non-executive Director of Care Management Group providing high quality services for people with learning disabilities.  He is also Chairman of the management company of the Spurriergate Centre, a charitable enterprise in the centre of York, the city where he lives.


Board of Trustees



Research Grants Committee



Community Grants Committee


The Dunhill Medical Trust
5th Floor
6 New Bridge Street
London EC4V 6AB

Telephone: 020 7403 3299