TCorp has hired Simon Ling as its general manager of financial markets, thus completing an overhaul of its team and paving the way for the business to strengthen its partnership with the NSW Treasury.

Ling joins from Commonwealth Bank where he was the head of debt markets.

In that role, he managed CBA’s debt capital markets, securitisation, loan underwriting, syndication businesses and private asset group.

Ling will be responsible for overseeing TCorp’s financial markets business, collaborating with stakeholders across the organisation to manage all debt, financial risk management and the delivery of client-centric solutions, said TCorp chief executive, David Deverall.

“I’m delighted to welcome Simon to the executive team and I am confident he will be a great addition, bringing over 30 years’ local and global experience in financial services across product, client relationship building and financial management.”

“During his time at CBA, he helped to develop a sustainable and social finance team. Ling is passionate about sustainability and was jointly responsible for arranging one of the first social benefit bonds in Australia,” he added.

Deverall said over the last few months the financial markets team has been working more closely with the NSW government so as to provide more risk management services for government’s big ticket transactions.

The government has an annual operating budget of $80 billion; around $30 billion is earmarked for procurement, he noted.

“With Simon being on client facing side of deals, we have more opportunity to strengthen TCorp’s partnership with Treasury and offer our debt management and risk management services more broadly across all areas of the NSW government.”

Ling’s hire follows six senior appointments over the past six months to the organisation’s investment arm.

“Today, we not only look after the state’s outstanding debt which is around $65 billion dollars but we also manage the state’s financial assets, “added Deverall.

“With $105 billion under management, TCorp has become one the five largest asset owners in Australia inching closer to the Future Fund and AustralianSuper in size.

“Both of our businesses have the opportunity to make a huge impact on the way government runs its balance sheet.”

Prior to his appointment, Ling’s roles included Westpac’s head of debt and hybrid securities, RBC Capital Markets’ global head of debt origination (UK) and a director at Hambros Bank.

Justin Dowd, head of local government services joined the financing team earlier this month. He was formerly with JP Morgan.

 

Elizabeth Fry has been a financial journalist for more than 25 years and has written for a number of publications, including CFO, The Financial Times and The Australian Financial Review.
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