Our client was looking for an expert to help integrate the Treasury function into the Accounting team. At the same time, NX Partners helped to closely follow up on the investments and to tighten its grip on its growing liquidity.
Our client is a fully integrated biotechnology company focused on discovering, developing, and commercializing innovative medicines. Its corporate headquarters are in Belgium.
Up until 2021, Treasury was a dedicated function. Following a benchmarking exercise, the finance team was reorganized, and treasury was incorporated into the accounting team. This made more sense from a business perspective but coaching and training were required to assure a smooth transition.
Our client screened the market for a treasury specialist and selected Ilka from NX Partners to facilitate the transition. Several candidates were interviewed but Ilka stood out because of her capability to translate treasury-specific knowledge into practical and understandable guidance. All interviewed candidates demonstrated the expertise needed but the client felt most at ease with Ilka's approach.
With this approach, our client felt confident about taking on the extra responsibility and the Management Team was reassured that the treasury function would be executed correctly.
Following Treasury tasks were successfully addressed:
- The management of the investments needed close follow-up. Ilka restructured the maturity dates of these investments to limit negative interests, whilst respecting the CFO’s investment guidelines. This required a close relationship with numerous investment banks and brokers.
- New bank accounts needed to be opened in several European countries to support the expansion strategy. Two European cash pools were set up and a new Cash Management electronic banking solution was introduced to tighten the grip on growing liquidity,
Ilka’s expertise was well recognized and appreciated by the client. They were gradually taking over the Treasury tasks under the guidance of Ilka till the client felt confident that they could manage. Throughout this process, natural interaction and a sound mix of knowledge transfer, guidance, and coaching were needed to prepare the client for additional responsibilities.
Our client is currently applying the newly acquired knowledge in the role of Treasurer. They are seeking a sound balance between risk and liquidity performance. Investment plans and treasury processes have been optimized but the client knows they can and will rely on Ilka's help and NX Partners' expertise when new treasury challenges present themselves.
