MEDIA RELEASE
TCorp delivers record dividend for the state and announces new Chief Executive
Published 1 September 2025
Sydney, 1 September 2025 — TCorp today confirmed that its annual profit after tax increased by 18% 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. Against this backdrop, assets under management increased to more than $118 billion in FY25, underpinned by a $12 billion increase in investment returns. This brings cumulative investment returns to approximately $61 billion since Funds Amalgamation in 2015.
Demand for NSW bond issuance remained solid during the year, with the Financial Markets business completing the FY25 borrowing programme of $25.3 billion two months ahead of schedule.
As part of today’s profit announcement, TCorp has announced that after 10 years of distinguished leadership, David Deverall will be retiring as Chief Executive on 4 December 2025.
Mr Deverall will be succeeded by TCorp General Manager Financial Markets Rob Kenna, effective from 5 December 2025. Mr Kenna is responsible for the state’s $198 billion balance sheet and funding programme and oversees the $11 billion NSW Sustainability Bond Programme.
TCorp Chair Michael Dwyer said: “Rob is an outstanding leader and stood out as a clear choice following an extensive external and internal executive search.
“He has extensive global financial services leadership experience and brings an impressive track record of achievement over 25 years. He understands our purpose, our people and is well-respected by our stakeholders, ensuring continuity and a seamless transition for the organisation.
“Rob is a highly regarded leader within TCorp, with demonstrated experience in successfully building and leading high-performing teams. He has overseen the management of the debt portfolio during a period of great growth and change, and consistently delivered superior results for the financial markets business.
“The board is confident Rob is the right person to lead TCorp forward.”
Mr Kenna joined TCorp in May 2021 as Head of Funding and Balance Sheet and was promoted to General Manager Financial Markets and the TCorp Executive team in March 2022. Prior to joining TCorp, Mr Kenna spent more than 20 years with CommBank.
Mr Kenna said: “It’s 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.”
Commenting on Mr Deverall’s retirement, Mr Dwyer said: “The board would like to extend its sincere gratitude to David for his exceptional leadership and outstanding contribution to TCorp over the past decade.
“David’s strategic vision, drive for operational excellence and deep commitment to the public good has transformed TCorp into one of Australia’s leading investment management managers, now entrusted with $120 billion in assets under management and managing a state balance sheet of $198 billion. This transformation has delivered more than $61 billion in investment returns to the state and a dividend of $859 million over the past decade.
“Under his stewardship, TCorp has taken on complex implementation challenges with clarity and purpose. From 2016, David led the implementation of the government Funds Amalgamation policy, bringing together State Super, icare and TCorp’s investment management business under one leadership. He transformed the investment management business, embedding a new investment strategy under the Total Portfolio Approach. During the COVID pandemic, he supported the NSW Government by scaling up funding capacity to support its emergency response for the state. More recently, he successfully delivered the NSW Government’s OneFund initiative.
“He leaves 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.”
Mr Deverall said: “It’s been an honour to lead TCorp through a decade of transformation.
“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. We have truly lived our purpose.
“I’m delighted that Rob has been appointed to the role. He is a proven leader and cares deeply about TCorp, our people, and the broader NSW Government family. The future is bright for TCorp and I’m confident he will make an exceptional Chief Executive.
“I would like to thank the Board for its support and guidance, and our employees, whose dedication, expertise and integrity have been the driving force behind TCorp’s success. I would also like to extend my gratitude to the NSW Government, NSW Treasury and our clients for their partnership and trust over the past decade.”
Ends
Rob Kenna’s biography
Rob Kenna has been appointed to the role of Chief Executive commencing 5 December 2025. Rob is a senior financial markets executive who, over the course of his career, has held a number of leadership positions spanning multiple financial disciplines.
Rob spent 20+ years with CommBank with responsibilities spanning debt capital markets, loan markets, agency, and securitisation for a global client base.
Rob joined TCorp in May 2021 as Head of Funding and Balance Sheet and was promoted to General Manager Financial Markets and the TCorp Executive Team in March 2022.
Since joining TCorp Rob has had oversight of debt raising for the state of NSW through global bond issuance, providing loans to the NSW Government public sector, and risk advisory services for the $198 billion balance sheet. He is an outstanding leader who sets ambitious targets and consistently delivers superior results.
Rob is a member of the AFMA Market Governance Committee. He is a Chartered Financial Analyst Charterholder (CFA Institute) and an AFMA accredited dealer. He also holds a Bachelor of Business, Banking and Finance from Monash University.
Media contact:
mediaenquiries@tcorp.nsw.gov.au
