Projects

Examples of Consulting Projects

We have carried out a wide range of consulting projects, specialising in treasury, risk and finance. These span a range of consultancy services, including:

Corporate Finance

  • Managed a team of 35 lawyers, business analysts, actuaries and case managers to assess the financial impact of corporate finance activities on companies and their pension scheme creditors. Approved clearance under s38 Pensions Act 2004 where appropriate mitigation provided.
  • Assisted with the dual listing and both the initial and subsequent equity placing for a newly established financial services group. Proposed the group financing strategy and established a syndicated standby facility for the group. Arranged ISR exit ratings for closed life funds and obtained indicative group credit rating. Identified requirements and established mechanism for providing shares to Trusts for employee share schemes. Negotiated covenants in subsidiary sale agreement to ensure security of payment.
  • Managed the treasury aspects of a major European LBO, arranging the securitisation of receivables for the syndicated loan. Set up a new treasury function with risk and cash management and reporting

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Risk Management

  • Identified corporate FX risks and established hedges in accordance with IAS 39 for a financial services group. Centralised group cash and revised investment mandates to increase liquidity and investment returns. Identified and implemented group-wide counterparty exposure reports, differentiating client and corporate exposures. Set up group-wide guarantees and indemnities register, with update mechanism.
  • Specified appropriate Treasury policies for a major utility company to reflect the low appetite for financial risk. These both formalised existing policies and gave the framework for more pro-active management of inherent risks as the business need arose. Linked limit monitoring and reporting to funding covenants. Approved by Internal Audit and the Board.

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Interim Roles

  • Interim Corporate Treasurer for a new insurance and fund management group. Recommended group-wide treasury policies to the Board, implemented for Corporate and worked with subsidiaries to ensure compliance across group. Established treasury processes for the corporate function, outsourcing transactional arrangements under an SLA. Set up standby financing and bank accounts for corporate. Revised investment parameters for £100m of corporate and £1Bn of Group funds. Presented a group-wide treasury and risk management governance paper to the Board. Implemented recommendations.
  • Group Treasurer of one of the largest international mobile telephone companies as interim for nearly a year. Managed a team of ten, growing to twelve for enlarged group. Raised 3-year ‘vendor financing’ for UK & France, group bank debt and inter-company funding. Set agreed long-term funding strategy to make best use of group resources. Identified group risks and implemented hedging strategy. Upgraded treasury system and management reporting. Worked with businesses to provide effective communication across the group.

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Treasury systems/ project management

  • Identified the need for a Treasury Management System for a small treasury team managing significant FX exposures.  Specified the requirements, arranged a tender, selected and implemented a web-hosted package in a 6-month period.
  • Specified the needs for a replacement Treasury System for a FTSE 100 company. Carried out a tender and selected a package to recommend. Subsequently project managed the system implementation.
  • Project managed the implementation of a treasury package for the institutional division of a fund management group. This involved close liaison with IT, fund managers, operations and software suppliers.

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Cash and Working Capital Management

  • Rationalised the bank account structure for an international company to ensure efficiency whilst maintaining effective back-up and 24/7 availability. Released cash held in settlement process by renegotiating terms and ensuring compliance with terms.
  • Managed the customer settlements team of an on-line leisure company. Reduced payment processing costs by over £2m p.a. on settlements of £350m. Implemented a tender process for £100m p.a. Payment Service Provider (PSP) services to provide efficient settlement and management reporting.

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Pensions Management

  • Headed the Corporate Risk Management practice of The Pensions Regulator (TPR), responsible for granting Clearance under s38 PA04. Reviewed risks in the relevant corporate finance transactions compared with the mitigation offered. Worked with all parties to facilitate appropriate resolution.
  • Managed TPRs Scheme Specific Funding practice’s review of valuations and recovery plans received under Part 3 PA04. Updated primary assessment and prioritisation of schemes for key business risk factors. Sought relevant changes to policies and guidance. Facilitation of agreement on key FTSE-100 and high risk schemes.

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Financial Regulations

  • Reviewed derivatives usage by a fund management group and instigated changes to meet best market practice. Advised how to meet fund management objectives within regulatory and legal constraints.
  • Headed the Corporate Risk Management practice of The Pensions Regulator (TPR), responsible for granting Clearance under s38 PA04. Reviewed risks in the relevant corporate finance transactions compared with the mitigation offered. Worked with all parties to facilitate appropriate resolution.
  • Managed TPRs Scheme Specific Funding practice’s review of valuations and recovery plans received under Part 3 PA04. Updated primary assessment and prioritisation of schemes for key business risk factors. Sought relevant changes to policies and guidance. Facilitation of agreement on key schemes.

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Treasury Appraisal / Health Check

  • Analysed the Treasury activities of an international high-tech manufacturer. Instigated procedural changes to ensure credit checks implemented across the Group before production expense incurred.
  • Asked by the newly appointed Treasurer of a service company to review the controls and effectiveness of the treasury activities. Introduced independent reconciliations and reduced duplication of paperwork and effort.

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Performance measurement

  • Analysed the appetite for risk, regulatory restrictions and financial factors affecting shareholder value of a FTSE 100 company. Devised relevant performance measures to encourage active management of financial positions. This led to significant interest savings and enhanced financial ratios.
  • Devised performance measures for Group Treasury in a major investment bank. These recognised the use of regulatory capital, the potential impact on credit ratings and reputation as well as staff motivation and reward.

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Treasury Training

  • Established and delivered corporate treasury training programmes for a major European training organisation. Focused on building participants’ knowledge through practical exercises supported by detailed briefing material.
  • Devised & provided on-the-job training on the use of derivatives to a corporate treasury dealer.

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