The Role
Job title: Co-Head of Policy and Markets, UK Debt Management Office (DMO)
Contract type: Permanent.
Security clearance: Security Check (SC) level
The Chief Executive Officer (CEO) leads the DMO and all its functions. The organisational structure is set out below:
The DMO's functional organisation is divided into two main areas:
- Policy and Markets, responsible for developing policy, operational capability and all day-to-day operational decisions.
- Operations and Resources, responsible for, amongst other things, the control and operational framework, including risk management and all office infrastructure.
The heads of both these functions report to the CEO, along with the Heads of Internal Audit and Human Resources.
The CEO chairs the DMO's Executive Committee which considers all major operational decisions. Most business issues in the DMO are considered by one of three cross-cutting committees (Debt Management, Cash Management, and Fund Management). These are, in turn, supported by a separate Operational Risk Committee and a Credit and Market Risk Committee. This committee structure supports the CEO in the discharge of their responsibilities. The DMO also has an Advisory Board chaired by a non-executive Chair, Dame Sue Owen, which provides the CEO with advice and constructive challenge from experts with a wealth of experience in financial markets and in other fields.
The DMO also has a close day-to-day working relationship with its main 'customers' in HM Treasury — the Debt and Reserves Management (DRM) team and the Exchequer Funds and Accounts (EFA) Team. The latter provides daily cashflow forecasts as key inputs for the DMO's cash management function. The DMO also works closely with a wide range of other departments across Government, the wider public sector and the private sector.
Key Responsibilities
This vacancy has arisen as a result of the previous incumbent being appointed as the Chief Executive Officer (CEO) of the DMO. The job holder is a member of the Executive Committee and Advisory Board.
This role exists to provide senior day-to-day management and oversight of the Policy and Markets Area of the DMO, working closely in conjunction with the DMO’s senior team, the Executive Committee and, in particular, with the Deputy Chief Executive/Co-Head of Policy and Markets with whom there are a number of shared, complementary and jointly owned areas of responsibility. A brief description of these areas is shown below:
Markets
The DMO’s Gilt and Cash Desks are responsible for undertaking the key day-to-day operations in the financial markets, dealing with investment banks and other counterparties, split generally into debt management, cash management and fund management functions, although all team members work closely together. In addition, the team is responsible for a number of other market-related operations.
Public Works Loan Board (PWLB)
The PWLB lending facility is operated by the UK Debt Management Office (DMO) on behalf of HM Treasury. The facility provides loans to local authorities, and other specified bodies, from the National Loans Fund, operating within a policy framework set by HM Treasury. The day-to-day lending activities including advancing new PWLB loans and collecting repayments are delegated to the DMO.
Policy
The Policy team’s main responsibility is to develop robust evidence-based strategic advice to HM Treasury on the Government’s wholesale debt management strategies, taking account of the Government’s debt management policy objective and framework, investor preferences and developments in financial markets more generally.
Research
The Research team of policy advisors, research economists and quantitative analysts support the DMO’s market intelligence capability by providing both regular analysis and longer-term specialist research in relation to the DMO’s debt management function and other core activities. The team provides thought-leadership on a range of strategic topics relevant to the DMO’s mandate, including structural trends in fixed income investment and global developments in such markets.
The focus of the role is on:
- Working alongside the Deputy Chief Executive and Co-Head of Policy and Markets on the strategic management of the Policy and Markets area (longer run resource planning etc.) and its business objectives.
- Together with the Deputy Chief Executive and Co-Head of Policy and Markets, ensuring day-to-day Policy and Markets team management, with a particular focus on developing and deploying DMO’s specialist market analytical resource and associated line reports.
- Providing direction to, and quality assurance of, Policy and Markets core deliverables, particularly those relating to technical market analysis and applying these, as appropriate, to the team’s key activities and issues relevant to HM Treasury.
- Senior level engagement with stakeholders including HM Treasury and other government officials, end investors, market practitioners and international counterparts.
- Project sponsorship of key business initiatives and providing guidance to the DMO’s project work plan.
Person Specification
The ideal candidate will have:
- Significant experience of working in a senior position in a financial markets’ role, with a high degree of familiarity with the technical issues associated with fixed income markets (ideally the Gilt market) and a strategic understanding of factors affecting market conditions and developments.
- Strong communication skills, in particular to synthesise complex technical matters for a non-technical readership and audience.
- Excellent management and interpersonal skills with the capability to develop staff and maximise their potential. Strong teamwork experience with the ability to work at all levels, in partnership with the other Co-Head, as part of the small Executive team as well as leading multiple teams.
- Excellent analytical skills and demonstrable track record in providing board level technical insight, ideally with practical application to the DMO’s core activities of presenting policy, advising, and importantly, implementing a debt financing programme.
- A strong focus on delivery of high-quality outputs.
- A high level of commitment to the Principles of Public Life/Civil Service Code, operating to the highest standards of integrity, and a strong appreciation of the DMO’s mandate and ethos.
- University degree or similar demonstrable evidence of analytical aptitude and skills in finance.
The Co-Heads of Policy and Markets will share line management responsibility for team leaders in the Policy and Markets area.
The role will be at senior level, reporting to the CEO, and will involve covering, with the senior management team, key operational decisions. The successful candidate is expected to be a member of the Executive Committee and the Advisory Board.
The successful candidate will be expected to perform at the highest level across the full range of Senior Civil Service behaviours set out in the Success Profiles Framework and demonstrate commitment to the Civil Service values.
