Welcome
Thank you for your interest in the exciting role of Co-Head of Policy and Markets at the UK Debt Management Office (DMO).
The DMO is an Executive Agency of HM Treasury, operating at the heart of the UK's debt and cash markets to meet the Government's wholesale borrowing and cash management needs. Its objectives are to implement the annual gilt sales programme, meet the Exchequer's daily cash needs, provide loans to local authorities for capital purposes, and manage the funds of selected public sector bodies.
Since its establishment in 1998, the DMO has successfully established itself as an integral part of wholesale capital markets, raising in excess of £3.1 trillion in total gilt issuance, while annual turnover in its cash management operations is currently around £5 trillion.
This is a vitally important and high-profile role. The Co-Heads of Policy and Markets contribute to ensuring that the Government is able to meet its financial obligations smoothly and cost effectively. You will act as a senior and trusted advisor on the gilt market, as well as being responsible for the Government's continued ability to run a world class debt management programme; acting to safeguard the UK's reputation and credibility as a borrower of the highest international standing.
You will need to demonstrate the ability to build credibility and strong relationships with Ministers, the top officials in HM Treasury and senior leaders in market participant firms alike. You will be a key public representative of the gilt market, advocating for the DMO and the UK's interests.
As Co-Head, your role is to ensure the DMO is able to work effectively with both the public sector (especially HM Treasury and the Bank of England) and private sector institutions (notably the Gilt-Edged Market Makers (GEMMs) and the DMO's counterparties in the money markets) with which it interacts and transacts on a daily basis.
You will also be expected to lead and manage the DMO teams that deliver this work. These range from the Research and Policy experts who provide analysis and strategic advice, to the Cash and Gilt dealing teams and the Client Service team who ensure transactions are processed accurately and at pace. You will be expected to demonstrate the Civil Service values and help lead the DMO in an inclusive, collaborative, and open manner.
If this sounds like you, we want to hear from you.
Jessica Pulay
