The financial services management and advisory body to the NSW public sector has reported the delivery of a record dividend for the state.
A statement released by TCorp on Monday said: “TCorp today confirmed that its annual profit after tax increased by 18 per cent to $165 million, resulting in a record dividend of $140 million to the state for the financial year to 30 June 2025.”
The results “reflect strong momentum and discipline across the financial markets and investment management businesses, despite persistent market volatility and economic uncertainty”, said the statement.
TCorp is a wholly owned entity of the state of NSW and part of the Treasury cluster. With $119 billion of assets under management, TCorp is NSW’s sovereign investment manager and is the central borrowing authority of the state.
Incoming chief executive announced
As part of Monday’s profit announcement, it was also revealed that Rob Kenna – TCorp’s general manager financial markets – is the organisation’s incoming chief executive. Mr Kenna joined TCorp in May 2021 as head of funding and balance sheet and was promoted to the TCorp executive team in March 2022. Prior to joining TCorp, Mr Kenna spent more than 20 years with CommBank.
“I congratulate Mr Kenna on his appointment and look forward to working together to build on TCorp’s success,” NSW Treasurer Daniel Mookhey said.
The Treasurer also recognised David Deverall who will retire as TCorp chief executive later this year. “I thank Mr Deverall for his decade of leadership, transforming TCorp into one of the country’s leading investment managers,” Mr Mookhey said.
Commenting on Mr Deverall’s retirement, TCorp chair Michael Dwyer praised Mr Deverall for leaving TCorp “with a thriving culture, and strengthened relationships across the NSW Government family, positioning the organisation as a trusted and a strategic partner to the state”.
“As our financial performance shows today, David leaves TCorp in excellent shape and well positioned for the future,” he added.
Mr Deverall said it had been an honour to lead the organisation. “I’m proud of the positive change we have achieved – helping our clients meet their long-term objectives, driving innovation across the public sector, and strengthening the state.”
TCorp is in excellent shape and well positioned for the future.
On his successor’s appointment, Mr Deverall described Mr Kenna as “a proven leader” who “cares deeply about TCorp, our people, and the broader NSW Government family … I’m confident he will make an exceptional chief executive.”
Mr Dwyer described Mr Kenna as “a highly regarded leader” within TCorp. “He understands our purpose, our people and is well-respected by our stakeholders, ensuring continuity and a seamless transition for the organisation,” he said. “The board is confident Rob is the right person to lead TCorp forward.”
On his appointment – which commences 5 December – Mr Kenna said it was a privilege to be chosen to lead an organisation “that serves as the trusted investment and financial management partner of the NSW public sector, supporting 8.5 million people across the state. David has built a strong foundation, and I look forward to building on it and continuing to deliver long-term financial value for the state and our clients.”
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