Member story: Eugene Nxumalo, Treasury Controller, Liberty Global plc

1. What three words would your colleagues use to describe you.

Inquisitive – Resourceful – Cheerful

2. Please tell us about your treasury career path?

While I was completing my Masters in Finance my professor and mentor asked me to consider a career in treasury and I thought this looked interesting. The Master’s program I completed was very intense because the two academic leaders for the course had been corporate treasurers before a change in their careers (one at Midland Bank before HSBC took over and one at Royal Mail). We also had treasurers come in and speak to us as guest lectures, and they provided a great insight into the tools needed to work in this field.

My first role was at Sony Global Treasury Services plc., the In-House Bank. Sony Global Treasury was exciting, technically demanding and extremely busy because the transactional trading turnover with the global investment banks was around 50Billion USD per calendar month. I learnt a lot and knew that I wanted to develop my career in this area.

3. What is the one thing you love most about your job?

The people and company culture. You spend a minimum of 50 to 80 hours a week with the people you work with so the company has to be right for you. The Liberty Global - Virgin media culture is great. There is a spirit of fairness and to treat every gender, race and others with respect.

4. Why did you decide to take the ACT’s qualifications?

To master certain things that a business school education would not cover such as cash management, payments technology, settlements and the practicalities of running a treasury function.

5. What do you think is the greatest challenge facing treasurers today?

The Interest Rate Market. In my postgraduate thesis I concluded that the interest rate market is the driver across all markets. The bond market, since money printing started by the G7 Central Banks, has been flooded with investors’ money. The leveraged market has been the biggest winner from all of this, creating opportunities for covenant light borrowing, listing of PIK notes etc. All the money borrowed is primarily used to fund share buy backs, funding financial synergy strategies (M&A, LBO) and dividends. Productivity is not rising in comparison to the amount of capital raised in the G7 countries, so interest rate market recalibration will happen.

6. What are your top tips for keeping up-to-date with treasury issues?

Read the Financial Times daily. Read the ACT magazines and newsletter, especially the special articles – as you become more senior you are asked to contribute on so many topics that you might have not practical experience in. Use the technical articles to understand the framework and add common sense.

7. What advice would you give to someone wanting to start a career in treasury?

First believe that you can achieve your goal and then go for it. If you want to understand what’s involved read Noam Chomsky, John Kenneth Galbraith's, Michael Blair QC on Banking Law (UK and EU), Stochastic Calculus Series by Springer Finance, and Leif B. G. Andersen/Vladimir V. Piterbarg on Interest Rate Modelling. This will give you a good idea of what you will be covering.

8. Who is your career hero?

Nelson Mandela because he applied what he learnt at law school which was justice for all!

9. What are your plans for the future?

I’d like to continue my studies – so am aiming to look to do the MCT in the future.

10. What do you want to do more of in 2018?

I’d like to volunteer more, in various ways including through mentoring.