I originally did a bank apprenticeship at a regional bank in Switzerland followed by two years in their corporate banking department. The high degree of flexibility of the Swiss professional education system nevertheless allowed me to switch to a university pathway ending up with a Masters in Banking & Finance from the University of St. Gallen. After my studies I joined KPMG for a few years in management consulting where I worked on several transformation projects, coincidentally mostly in the banking space. However, neither at banking nor consulting I really felt at home, hence, when the opportunity came to join the corporate treasury department at Holcim it was a welcome change of direction. At Holcim I was part of the treasury middle-office team before moving into financial risk management with a focus on FX during the merger of Holcim with Lafarge. After a shorter period with the Swiss industrial company Bucher Industries, I am now a little more than three years with the treasury operations team at The Adecco Group in Zurich, Switzerland.
For me, with a banking background, I have always enjoyed that much of my previous experience is applicable in corporate treasury. This first-hand experience is beneficial in many ways, as I have been on the other side of the table, and it is especially helpful in building and maintaining relationships with our banking group. Furthermore, the strategic positioning treasury has within a multinational company gives exposure to so many areas of our business which is highly enjoyable.
First, although treasury can be seen to be a niche area within finance, it is nevertheless very broad in the topics it covers. Hence, I would recommend finding the sweet spot where you feel most at home be it more on the technical systems part or more on the transactional part such as debt capital markets.
Second, choose a company that has the right sized treasury department. Not too small that it would not cover interesting areas nor too big that everything is handled by specialised teams.
Third, educate yourself constantly be it via the ACT certifications or via your own professional network within the treasury community.
The Adecco Group did, at the beginning of the year, its biggest acquisition ever by acquiring AKKA Technologies. Hence, integrating AKKA’s treasury set-up into ours was and still is the main challenge this year. Second, the change in the interest rate environment and the surge in inflation globally which had a direct impact on our refinancing activity. The extreme market volatility this autumn made bond issuances a real challenge. Third and by no means least I am a happy father of a little baby daughter born in January. Juggling a demanding work environment and being a newbie to parenting surely has added a lot of complexity this year and brought another dimension of the buzzword “agility” to me.
Cleary the take-out financing of the AKKA Technologies acquisition in autumn 2021. We had to organise over 2 billion euros via a mixed portfolio of equity capital and senior / hybrid bond issuances. Next to the reward of having achieved record low coupons (levels unimaginable today) on our debt instruments our team was awarded the ACT Deal of the Year 2021 award for Bonds above £750m. A recognition we are very proud of.
Just having finished my apprenticeship and starting my first full-time job my boss, called Emil, in the corporate banking department taught me the importance of being organised, work in a structured way and pay attention to details. He did things maybe not the fastest way but diligently, reliably and with a high standard of quality. Ever since, I try to follow his example of work ethics.
Not directly some advice I have been given but more an extract from my professional life so far. “Don’t be shy to make decisions but think about the risk and consequences it triggers. Take responsibility for the outcome.”
The Treasurer magazine. Always an interesting read which gives food for thought. I still prefer the paper-based version which is sought after in our office from people passing by.
My yoga mat. Since I suffered from a herniated disc a few years ago it is my daily companion to do my stretching exercise, either in the early morning before breakfast or before going to bed. The second option, out of experience, is the one with a much higher risk of failing to take place.
“How to Make the World Add Up” by Tim Harford. I got to know Tim via his podcast “Cautionary Tales” which I find truly entertaining and so diverse in the stories he covers. The book is about statistics but by no means in a dry way.