Michael Allen Email & Phone Number

Melbourne, Australia

Wellington & Wairarapa, New Zealand

Sydney

TCorp provides financial and investment management services to the New South Wales Public sector. TCorp has a A$70 billion balance sheet and executes annual funding programs in excess of A$10 billion in global markets. TCorp provides outsourced debt management and financial risk advisory services to the NSW Government and large regulated utilities. TCorp manages $75 billion of investments for NSW agencies. Positions held: General Manager Clients & Services and General Manager Treasury & Funding. Achievements• Managed large team of professionals across - funding, liquidity management, cash and fixed income portfolio management, investment management, financial risk advisory and client relationship management teams. • Implemented a new balance sheet risk management framework, which improved access to funding markets for the State and a more sustainable revenue model and performance for TCorp. • Repositioned TCorp’s reputation to the leading sub sovereign issuer (semi government authority) in the Australian Government bond market. • Developed relationships with existing and potential new domestic and global investors.• Led the Cash and Fixed Income team to consistently deliver above benchmark performance and to secure new nominal and inflation linked bond mandates from NSW public sector agencies.• Established TCorp Inflation Linked bond issuance programme.• • Successfully lobbied for the removal of Interest Withholding Tax on semi government bonds which changed how global investors purchased TCorp bonds.• Introduced a new Risk Advisory function to enhance the level of advisory services provided to the large regulated utilities. • Expanded the range of loan products to meet changing borrower requirements and to assist regulated utilities manage regulatory revenue re-set risk.• Led project teams implementing new business systems and treasury management systems including Reuters Kondor, Simcorp Dimension and Numerix.

Melbourne, Australia

Managed the group’s $12 billion debt portfolio and associated funding, liquidity and financial risk management task. Maintained strong relationships with the Group’s relationship banks. Provided advice to various parts of the Telstra operating businesses on a range of financing, risk and capital management projects. Achievements• Input into balance sheet risk, debt portfolio interest rate and funding strategy settings.• Participated on a number of internal project teams reviewing balance sheet financial risk and capital structure issues.• Managing key banking relationships and monitoring of opportunities in the domestic and international capital markets.• Oversaw the preparation of semi-annual statutory and ASX financial accounting reporting for all Treasury financial exposures.• Undertook a review of the introduction IFRS on the existing treasury risk management approach, impact on existing treasury management systems functionality and financial reporting. • Review of new infrastructure investment projects. • Input into the development of the corporations insurance risk management strategy and purchase of insurance policies for the corporation.

Canberra, Australia

On the establishment of the Australian Office of Financial Management (AOFM) was appointed as its first Chief Executive Officer. Achievements• Provided strategic direction and leadership to the established the new functions of the AOFM in line with best practice in Sovereign debt management.• Developed and implemented a new debt management governance framework for the conduct of the AOFM’s debt issuance and financial risk management activities, including the establishment of an Advisory Board to oversee the operations of the AOFM.• Led a strategic review of the Commonwealth’s debt portfolio risk management objectives and foreign currency exposures. • Implemented a new portfolio management framework to improve performance, accountability and transparency of the management of the long term debt and liquidity portfolios.• Developed strategic relationships with government bond market dealers and undertook investor marketing. • Oversaw the implementation of a new organizational structure, IT Infrastructure and implementation of new debt portfolio management systems.• Recruited new staff with commercial risk management expertise in line with the requirements of a sovereign debt management function. • Established relationships with key Reserve Bank of Australia officials and developed an effective working model between the AOFM and the Bank.• Represented the AOFM at parliamentary and Senate Estimates committee hearings during a period of significant media attention of the Commonwealth’s debt and foreign exchange portfolio management activities.• Provided expert advice to the Treasurer, senior Treasury and international officials on debt management and financial market issues.• Participated in discussions with government bond market participants on issues impacting on bond market development.

Melbourne, Australia

Along with two colleagues established a new Project & Structured finance practice within the Ernst &Young Corporate Finance group. The major focus of the group was to provide expert independent advice to clients on funding, financial market risk, balance sheet capital structure and large project finance risk issues, particularly in the regulated utility sector.Achievements• Worked as a team member on the project bid teams for a number of bidders in the privatization of the Victorian gas and electricity sectors.• Provided advice to clients on balance sheet capital management, liability risk management and funding strategies.• Provided independent transaction pricing analysis to a major institutional investor for a large property financing transaction.• Skills and expertise of the Project Finance group successfully used by the broader Corporate Finance group to secure new client relationships for Ernst & Young.

Melbourne, Australia

Responsible for the Liability and Risk Management Advisory providing advisory service to regulated utility and infrastructure clients and a member of the CPI bond trading and origination group. A member of the Australian Rates group executive management committee which was responsible for strategic development and overall oversight of the Australian Rates business. Achievements• Secured and then managed under an outsourcing arrangement, a large liability portfolio for a major public sector water utility. Portfolio performance exceeded the target benchmark for portfolio returns.• Advised and arranged funding facilities for major Australian corporate clients.• Provided strategic liability advice, capital structure, credit metrics and funding risk management advice to a number of major Australian corporate clients.• Represented the Australian rates business on all privatization project teams - airport and electricity sectors - to provide strategic funding, capital structure and liability risk management advice. • Extended the Rates group capabilities in the origination of CPI linked bonds by developing relationships with regulated utilities. Developed risk management frameworks for regulated utilities by analyzing the risks inherent in the Regulatory revenue model.

Melbourne, Australia

Responsible for balance sheet risk management, funding strategy, domestic and international bond issuance and investor marketing, as well as, providing liability management advisory to the State and corporatised public sector utilities in the electricity, water and gas sectors. Achievements• Successfully developed funding strategies for annual financing tasks of $8 to $12 billion. This was during a period of significant stress for Victoria in financial markets. • Developed a new balance sheet risk management policy control framework consistent with the requirements of the TCV Board and government appointed Prudential Supervisor. This framework was then implemented and the balance sheet managed in line with the Board approved framework and policy limits.• In conjunction with the Managing Director, worked to reposition the market reputation of the Victorian government as a prudent and transparent sub sovereign issuer. • Developed sound relationships with domestic institutional investors and financial market participants by adopting an open and transparency communication policy and maintaining regular dialogue. • Formulated strategic plans for the application of proceeds from the governments asset privatization program (around $15 billion in proceeds) to maximize the economic benefit for the State whilst minimizing the impact on the liquidity of TCV’s secondary bond market.• Established a new quantitative risk management group.• Provided liability management advice to newly formed government corporatized utility companies in the electricity, water and gas sectors. • Developed a liability risk management strategy and executed an interest rate hedge for the Government to protect the risk of an adverse movement in interest rates impacting the cost of the CityLink Freeway infrastructure project prior to the Financial Close of the contract (and then transfer of the risk to the private sector developer).

Melbourne, Australia

Fixed Interest Manager with responsibility for government bond price making and risk management activities.

Melbourne, Australia

Senior Manager Fixed Interest & Swaps with various responsibilities across government bond trading, interest rate swap and debt origination activities.

Bachelor Of Economics, Economics And Accounting

Completed the Harvard Business School Advanced Management Program in May 2011

Education record