Co-Head of Policy and Markets

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.

Job description

The focus of the role is on:

1. 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.
2. 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.
3. 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.
4. Senior level engagement with stakeholders including HM Treasury and other government officials, end investors, market practitioners and international counterparts.
5. Project sponsorship of key business initiatives and providing guidance to the DMO’s project work plan.

Person specification

The ideal candidate will be able to demonstrate that they can meet the following Essential Criteria:

• 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.

Apply before 11:55 pm on Sunday 17th November 2024