Celebrating Success

BUILDING FUTURES

CELEBRATING SUCCESS

ACT Professional Qualifications Pass List April 2014 Welcome to the ACT The ACT is the leading professional body for international treasury, providing the widest scope of benchmark qualifications for those working in treasury, risk and corporate finance. We define standards, promote best practice and support continuing professional development. Our Royal Charter status underlines our commitment to supporting the treasury community and raising the profile of the profession.

CONTENTS 3 Celebrating the success of ACT students

Diplomas 4 MCT Advanced Diploma in Treasury, Risk and Corporate Finance 5 AMCT Diploma in Treasury

Certificates 8 Certificate in Financial Fundamentals (CertFin) 10 Certificate in International Treasury Management (CertITM) 14 Certificate in Corporate Finance and Funding (CertCFF/CertCFF-FT)4 17 Certificate in Financial Maths and Modelling (CertFMM) 19 Certificate in International Cash Management (CertICM) 22 Certificate in Risk Management (CertRM)

25 ACT bursary scheme 26 ACT prize winners

2 Introduction CELEBRATING THE SUCCESS ROUTE TO QUALIFICATION

OF ACT STUDENTS ACT Certificates We are delighted to share ACT’s April Enrol onto any of the ACT certificates as a standalone 2014 exam results for MCT, AMCT and certificate in an area you feel will be most useful for your career progression. Certificate students. Students from over 100 countries have achieved AMCT Diploma in Treasury excellent results demonstrating their dedication, hard work and commitment. Stage Certificate in Financial Success in ACT’s treasury qualifications 1 Fundamentals (CertFin) provides the foundations for global success and helps individuals and their Stage organisations succeed. Certificate in International Treasury Management (CertITM) AMCT Diploma 2 Set yourself apart from the rest and enrol onto the internationally recognised, benchmark qualification that offers a clear path to the boardroom. Stage treasurers.org/amct 3 Choose any two of the following: MCT Advanced Diploma Certificate in International Get the top level skills you need to secure the most Cash Management (CertICM) sought after senior finance roles. With the letters MCT after your name, you’ll be recognised as a high Certificate in Corporate Finance calibre, accomplished, qualified finance specialist. and Funding (CertCFF) treasurers.org/mct ACT continuing professional development Certificate in Risk Keep up to date with the latest thinking, Management (CertRM) regulations and trends in treasury management. The ACT’s flexible CPD scheme gives you the skills Certificate in Financial Maths you can apply to the real world with no units to and Modelling (CertFMM) count or hours to complete. treasurers.org/cpd MCT Advanced Diploma in Treasury, ENROL TODAY Risk and Corporate Finance For more information, or to enrol onto an ACT qualification today, visittreasurers.org/qualifications Senior, masters level qualification ACT Professional QualificationsPass List April 2014 3 MCT ADVANCED DIPLOMA MCT in Treasury, Risk and Corporate Finance

Make a strategic impact on your career, for your company, and in your thinking with the leading senior level professional qualification in treasury, risk and corporate finance. With the letters MCT after your name, you’ll be recognised as a high calibre, skilled and qualified finance specialist.

Well done to the five professionals who became MCT qualified following the April 2014 exams and project assessments. You now join a group of elite treasury professionals who’ve been awarded this prestigious senior-level qualification.

MCT – Pass

Stefano Bianchi Holcim Group Services Dominic Hart Motability Operations James Henderson Barclays Elisabeth Minkner SNS REAAL Stephen Tang

TOTAL COUNTRIES 14 MCT IS BEING STUDIED IN DURING 2014

4 Diploma MCT Advanced Diploma AMCT DIPLOMA AMCT in Treasury

As the ACT’s core qualification you will successfully advance your CASE STUDY career with practical expertise and Gerry McEvoy, Co-Founder & an in-depth understanding of the Managing Officer wider context of treasury. Centralis Group

Well done to the 96 candidates who’ve completed the AMCT Diploma in Treasury following the April 2014 exams. In September 2011, I decided to enrol in the This achievement reflects your determination AMCT programme in an effort to broaden my and hard work. You now join a network of corporate treasury knowledge and experience over 4,458 ACT AMCT qualified professionals and to add a treasury dimension to my around the world. accountancy qualification. I was particularly attracted to the AMCT diploma due to the nature of the syllabus and the depth of material covered, which I felt was very modern in outlook. My role involves frequent interaction with treasurers and CFOs of both public and private companies and I felt the AMCT qualification would allow me develop a better insight and understanding of As an employer, I recognise the significant “ their requirements and needs. Despite (or maybe additional contribution which an ACT because of) the hard work and sacrifice, I can qualified employee can add to our business. happily state that finalising the AMCT diploma Not only in terms of practical application but was time well spent! also the strategic thinking gained through ACT studies is invaluable to any modern day enterprise. I believe that any CV showing an ACT qualification immediately warrants a further look.” MR. ANDREAS THOMMEN, MANAGING OFFICER, CENTRALIS SWITZERLAND

ACT Professional QualificationsPass List April 2014 5 AMCT – Distinction

CertFin-BL CertFin-CT CertFin-ESA CertFin-FMA CertITM CertFMM CertRM CertICM CertCFF CertCFF-FT

AMCT – Pass

Mohamed Fazaz Abdul Majeed Standard Paul Drohan University of Sussex Chartered Bank Suzanne Dunphy Visa Europe Ilona Abram Maas Accounting Fanny Eigenheer Elsevier Finance Kunle Aladewolu Deloitte Asal Erimbetova SunGard Anthony Allsopp Lloyds Bank David Everett Babcock International Group Joy Aninon Shell Treasury Centre East Aengus Feely BNY Mellon Hakim Ashagidigbi Efua Forson Alice Aveline Wells Fargo Bank Sarpreet Gill HSBC Bank Raj Balaraman PwC Marina Gutsalo Bank of Tokyo-Mitsubishi UFJ Daniel Barker PwC Charlie Hanbury Unify Enterprise Comms Annamaria Bodi Ascent Partners Greg Handelaar RBS Robin Bond Knightsbridge Student Housing Nicola Hansford Capital Home Loans Neil Brown American Express Europe Sharn Hawkins BBA Aviation Nichol Burgess Travelport International Catherine Hermanto Gemma Caffery Vita Group Services Simon Hill Skipton Building Society James Carr Swan Housing Association Lorraine Hughes Experian Donna Carver Gentoo Group Samantha James Dwr Cymru Customer Services Matthew Caunt McBride Andrea John Bank of England Poonam Chauhan RBS Colman Tashaya Kajau Amish Chotai RBS Zinnia Kan-Dapaah Land Securities Group Jonathan Cohen National Grid Benjamin Tettey Kusah ICRT Jess Coles Petroplan Stuart Le Fevre Philip Cope Moody’s Investors Service Andrew Macdonald Direct Wines Jonathan Cowie Royal Bank of Scotland Khurram Malik Virgin Atlantic Airways Katie Davison Rolls-Royce Morne Hugo Matthews Royal Bank of Scotland Abbas Dawoodkhan Justin May Morgan Stanley Naomi Day Jardine Motors Douglas McAndrew Urbanest UK Michael Devine Volkswagen Financial Services (UK) David McCall Royal Bank of Scotland

6 Diploma AMCT Diploma in Treasury Gerry McEvoy Centralis Switzerland Andreas Thommen Centralis Leone McKinley BNP Paribas Arianna Trevisani Isaac Mensah Homerton NHS Trust John Vernède Telecity Group Daniel Mika EUROFIMA Adam Waite Vodafone Sarah Miller Trillium Porperty Services Richard Walker Thomas Cook Group Nicola Morris UPP Group Jonathan Whitcomb Nuffield Health Philip Mouchet GlaxoSmithKline Katharine Wills Vodafone Group Services Sarah Alice Murray HSBC Bank Adam Wiltshire National Grid Paul Newman Kenny Wong Coventry Building Society Anish Parmar AES Katherine Parsons BP Depen Patel Network Rail Octavia Peters SEGRO Jonathan Petty Deloitte Naeem Iqbal Qureshi UK Power Networks Chitra Ramachandran Anthony Richter Andrew Roberts Royal Bank of Scotland Hamish Andrew Ross Mandarin Oriental Hotel Andrew Rubery Oxford University Paul Rujevic ANZ Martin Rybak Ernst & Young Sukhdeep Sambhi Barclays Katrina Sax Shell 4,458 Ryan Sheppard Lloyds Bank STUDENTS HOLD Tareq Sholi Rio Tinto Benga lda Emma Simo Pinatella Sabic Capital THE AMCT DIPLOMA Mario Situm Fachhochschule Kufstein Tirol Bildungs IN TREASURY Daniel Slark GlaxoSmithKline consumer Andrew Smith Belron Harriet Stevens Standard Bank Scott Taylor ENRC

ACT Professional QualificationsPass List April 2014 7 Certificate in CERTFIN FINANCIAL FUNDAMENTALS

For those first steps into treasury, CASE STUDY CertFin equips you with a framework for analysing commercial activity, Fanny Eigenheer, Assistant Treasurer providing insight into accounting, Elsevier Finance SA corporate taxation, economics and law to understand how they apply to corporate treasury and business transactions. It was of particular interest to me that I could complete my studies via distance learning as I Congratulations to the 54 candidates who live and work in Switzerland. I did attend the achieved this qualification following the April revision courses in London which were very 2014 exams. useful exam preparation and a good opportunity to meet the other candidates and compare our experiences. I found the CertFin modules very useful, especially the accounting one as it enabled me to better understand some accounting mechanisms that we are facing every day in treasury. The study materials were very well structured but, in addition to reading them, attending the revision courses has been “As a global operation we encourage very helpful to get prepared for the exam. our employees to gain internationally recognised qualifications such as those offered by the ACT. Fanny has gained in knowledge and confidence throughout her AMCT studies and her contribution to the treasury team has become even more valuable.” SUZANNE PERRY, ASSISTANT GROUP TREASURER, REED ELSEVIER

8 Certificate CertFin CertFin – Distinction Business Law Corporate Tax Economics and Statistical Analysis Financial and Management Accounting

CertFin – Pass Emily Adler Lloyds Bank Luke Madden Karla Alford Lloyds Bank Nicholas McClintock RBS Adam Baird Friends Life Zoe Morrell Angel Trains Olivia Baker HSBC Bank Paul Nkansah Akuapem Rural Bank Nathanael Bonser-Ward Lloyds Bank Johan Op den Brouw Heerema Marine William Canty-Collins RBS Contractors Nederland SE Nadia Cittadino Sowind Joanne Paine AmicusHorizon Sarah Clovis-Alexander Aegis Group Mihaela Cristina Palade KPMG Philip Cope Moody’s Investors Service Patrick Passmore Ulster Bank Ireland Neil Dabasia Capita Asset Services Depen Patel Network Rail Fanny Eigenheer Elsevier Finance Samuel Robinson Hitachi Capital Daniel Fairs Lloyds Bank Annabel Ross Deutsche Bank Denis Fontana Andrew Sale JTI Business Services Centre Graham David Frier Payal Sarma Pearson Stephanie Gleeson First Quantum Minerals Akhil Shah RBS Sacha Guillemin Regus Global Lindsey Southard Computershare Management and Research Centre Alex James Standing Lloyds Bank Greig Guthrie Bank of England Tristan Steen Bank of Tokyo-Mitsubishi UFJ Bhavika Halai DS Smith Jonathan Strutt Stephen Harris Barclays Sarah Sturmey Derwent Living Kashif Jain Hussain Oliver Taylor Standard Chartered Bank Ravi Jain Lloyds Bank Anissa Teemul National Central Timothy Jamieson RBS Cooling Co – Tabreed Jasmine Johal Reinout Van Gelder Unilever Kelvin Koh Standard Chartered Bank Claudia Villasis Narvaez MAN SE Dagmara Kowalska Cytec Industries Nicola White Barclays Gurbinder Kundi Coca-Cola Sabco Jason Wright Siemens Nicholas Lyon Lloyds Bank Amy Wright RBS Barbara Macedo Agility Global Integrated Logistics

ACT Professional QualificationsPass List April 2014 9 Certificate in CERTITM INTERNATIONAL TREASURY MANAGEMENT

CertITM introduces the language and CASE STUDY core technical concepts of treasury, integrating them in a way that is Raj Balaraman, Senior Manager, relevant and portable between roles, Treasury Group organisations and locations worldwide. PwC

We congratulate the 182 candidates from 19 different countries who qualified as CertITM in April 2014. I found CertITM extremely helpful to gain wider knowledge of treasury fundamentals together “The CertITM continues to set the benchmark for with exposure to contemporary treasury trends. those wishing to gain evidence of competence The course is very much application oriented in their understanding of the treasury space. It’s and I started applying the concepts straight not an easy exam, but it is heartening to see the away in my projects. This course also helped me 72% pass rate for European students for whom demonstrate my credibility in front of my senior English is not, presumably, their first language.” stakeholders as well as provided confidence to Chief Examiner, CertITM discuss upcoming corporate treasury practices. Being a qualified chartered accountant from India with 12 years of experience, CertITM helped me connect with the treasury concepts enriching my existing finance knowledge. In short, it was a “The ACT qualification is a very credible tremendous learning experience and a good link demonstration of exposure to corporate treasury with the latest developments in treasury. I would principles and practice. It is a well-known credential recommend this course to anyone new to treasury amongst the corporate treasurers and finance or considering a role in treasury irrespective of professionals for challenging financial minds their experience level. and expanding one’s professional network across the globe. It is an essential part of one’s journey in treasury.” YANN UMBRICHT, PARTNER, TREASURY GROUP, PWC

10 Certificate CertITM CertITM – Distinction Catriona Blake Joseph Chang AIA Philip Cope Moody’s Investors Service Dimitrios Cheilas METKA Vineet Gupta OCTAL SAOC FZC Demyan Cherekhovich Sheffield Hallam University Kevin Horn Phoenix Life Gareth Cheverton Tetrapak CPS Johanna Hyttinen Network Rail Jae Yun Cho Shell Treasury Dilip Jina National Grid Ching Yong Chua Iain Kirkpatrick PricewaterhouseCoopers Mark Cole Newlon Housing Trust Ashley Meares RBS Chantelle Collett Flight Centre Robin Windle Mitsubishi UFJ Securities James Cooper HSBC Bank International Beverley Anne Costain Radian Housing Association William Coventry RBS Nokia Corporation CertITM – Pass Rahul Daswani Lee Davis Standard Chartered Bank Elpida Adamopoulos National Grid David Shaun De Villiers Treasury One Tim Addison ANZ Bank Jeroen Johannes De Wit Rabobank International Waqas Ahmed Brian Deegan Irish Water Paolo Altundag Steiner Maria Luz Delgado Montes Viridian Housing Sally Anderson Saffron Housing Trust Reka Demoulin Nike Europe Andrada Anghelescu Ernst & Young Siobhan Doyle Danske Bank Matthew Aston Ernst & Young Roisin Doyle Immediate Media Co London Benedick Batalla Emirates Aluminium Agnieszka Dudley Rolls-Royce Jonathan Bell Just Retirement Colm Duggan RBC Investor Services Tom Berry Lloyds Bank William Elliott Royal Bank of Scotland Lamia Boukhris Dubai Holding Terence Errington Lloyds Bank Karoly Brezovich Experian Claude Faucher HSBC Bank Christopher Brice AirTanker Anna Fletcher Fujitsu Services Christine Sara Brorsson Royal Bank of Scotland Adrian Fogarassy Diageo Alastair Brown HSBC May Fung Ralph Lauren Niall Brown Lloyds Bank Matteo Gardin Siemens Jaime Carsi Nomura Andrea Gatt-Godoy HSBC Bank Richard Cartwright Stephanie Gleeson First Quantum Minerals Siu Man Chan J & S Co. Stuart Gowan Virgin Money

ACT Professional QualificationsPass List April 2014 11 Harriet Grant ConocoPhillips (UK) Gurbinder Kundi Coca-Cola Sabco Gary Grey Manulife International Asia Paul Lacey The Phoenix Group Ekaterina Gushchina BearingPoint Charlotte Langlands Smith & Nephew Greig Guthrie Bank of England Carole Lascombes Csaba Hajos Diageo Wing Yu Lau AIA Gregory Hankar BNP Paribas Fortis Maria Laubach Airberlin Lorraine Hanlon AWAS Steven Law Palmer & Harvey Claire Harris Genworth Financial Ioannis Lefas Coca-Cola Hellenic Bottling Company Philip Hauxwell REG Yves Libera Mark Hemming Buckinghamshire Sam Linnell Santander & Milton Keynes Fire Authority James Littlefair Lloyds Bank Stephen Hereward BMI Healthcare Nyiko Mageza TCTA Tamas Hering Diageo Sheldon James Mair Jayesh Hirani GSK Adam Marshall Ulster Bank David Holmes Ernst & Young Prince Hari Kumar Mathur AXA UK Oleksandr Holota Cadogan Petroleum Rob McCann Lloyds Bank Evelien Hooijman ING Gerard McCaul Capita Fiduciary Laura Hopson BAE Systems Ian McNaughton Sarasin & Partners Emma Hornby United Utilities Group Stephen Mellowes Principality Building Society Magdalena Jasinska S.W.I.F.T. SCRL Andreas Messerschmidt Paul Johnson Royal Bank of Scotland Izabela Milczarek Deloitte Noreta Jucan Pirelli Servizi Eszter Molnar Diageo Business Services Amministrazione E Tesoreria Iain Carl Morrison Tarsier Financial Services Vivien Kanvasi Diageo Lukas Mrazko United States Steel Corporation Michael Kappeler Kirsten Murphy Lloyds Bank Hong Ping Kay Phillip Futures Peter Murrell The British Land Company Louise Keating Deloitte Craig Muttett Affinity Sutton Group Divya Kesavan Barclays Rudolf Nagyivan Diageo Michael Ketz Deloitte South Africa Paul Nkansah Akuapem Rural Bank Camil Kocan Heathrow Airport Adrian O’Connor Ulster Bank Dagmara Kozlowska JT International Ralph Lauren Europe Business Services Nicolas Onofri Edwin O’Shea

12 Certificate CertITM Michael Pace Home Group Nga Sze Stumbke Sunil Kumar Patel OCBC Bank Peter Sullivan Telefónica UK Katie Penfold Solihull Metropolitan Borough Council Jutta Swaeb St. James’s Place Wealth Management Hong Linh Pham Henrietta Szabo Diageo Thi Minh Nguyet Phi Serene Tan Royal Bank of Scotland Charlotte Plaine Shell UK Mark Taylor Skipton Building Society Farhad Poacha HSBC Sara Telford Kimberly Clark European Services Fu Tung Pui AIA Attila Temesi Liam Quinn National Treasury Management Agency Tom Thorn Imperial Tobacco Group Anna Rabar Diageo Robert Daniel Thorpe Queensland Rail Ravi Radia Shell UK Elina Todorova Fujitsu Services Nurani Rahman Royal Bank of Canada Edit Toth Diageo John Ramsay Barclays Dominick Tsang Wharf Nikolay Reshetov KPMG Samantha Tse Lloyds Bank Shelly Louise Rhodes Hinckley and Rugby Qaiser Vakani KP Snacks Building Society Joël van Dijkhuizen Hertel Holding Grant Sebastian Robinson Shell UK Reinout Van Gelder Unilever Rohit Roda Coats Rajandran Venogopal LMGI – New Zealand Carina Rosenkold Danske Bank Bernadett Viragos Diageo Monika Sadt Diageo Christo Vos Genworth Financial Meethu Sanad Abu Dhabi National Energy Wenning Wang Caparo Industries Company PJSC (TAQA) Rupert Williamson Mondi Jagdeep Sanghera HSBC Torbjorn Wist Telenor Eunice Santos Siemens Alex Wondergem PriceWaterhouse Coopers Marc Savriapen Ireland Blyth Ling Ling Wong AIA Jacco Scheurwater ING Albert Nii Otinkorang Wontumi Barclays Swetha Seshachari Sesha Mathew Wynn Welland Medical Pramila Shankar Gulf DTH FZ Georgi Yanev CME Anna Simpson Broadland Housing Association Xiaowen Ying Jet2.com Matthew Smith Lloyds Bank Mun Seong Yow Shell Treasury Centre East Vilija Straksyte Brand Energy and Diageo Infrastructure Services Agnes Zantleitner

ACT Professional QualificationsPass List April 2014 13 Certificate in CERTCFF CERTCFF-FT CORPORATE FINANCE AND FUNDING

Financial decision making is core to CASE STUDY any organisation. CertCFF will provide you with the knowledge and skills to James Fordham, Associate Director, participate in that process and unique Acquisition Finance insights into how such decisions are Lloyds Bank translated into action in treasury.

Congratulations to the following 80 candidates who successfully attained the CertCFF and CFF As a banker, the CertCFF is a great way to see fast-track qualification in the April 2014 exams. things from a treasurer’s perspective. It provides a broad view on treasury matters, both practical “The compulsory question required and theoretical and helped me to understand the candidates to evaluate a capital investment varied issues our clients face and the decisions decision which involved choosing between they have to make. Having recently changed assets with differing replacement cycles, roles, moving from derivatives sales to acquisition and applying information relating to US tax finance origination, I found the CertCFF syllabus regulations – it was pleasing to note that the very useful in providing a solid foundation in performance on this question was generally corporate finance and funding. The wide range of above par, and it had the highest pass rate.” learning material was key in getting up to speed Chief Examiner, CertCFF with previously foreign concepts such as covenants, material entity clauses and dividend irrelevance theory. For me the key to success was “Ensuring our bankers receive the right attending the tuition course and attacking the professional training to support our question bank and past papers early on. I also clients is paramount. It is great to witness really enjoyed the chance to meet fellow students our bankers like James obtaining a breadth from across the corporate and banking worlds. of experience and knowledge to ensure we remain relevant, focused and agile in the up tiered service of our clients.” CLARE FRANCIS, MANAGING DIRECTOR, GLOBAL CORPORATES, LLOYDS BANK

14 Certificate CertCFF CertCFF – Distinction Stephen Curtis-Powell Level 3 Communication Harold Janssen Akzo Nobel James Fordham Lloyds Banking Group Daniel Lemcke Rhys Ford-Jones BUPA Khurram Malik Virgin Atlantic Airways Nicola Hansford Capital Home Loans Jerry Mbumwae Ministry of Education Nicola Morris UPP Group Isaac Mensah Homerton NHS Trust Nilay Patel William Hill Eszter Molnar Diageo Business Services Duncan Paxman RBS Sanchita Niyogi Nalco Bipasha Sarkar Diploma Oral Osman BNP Paribas Katharine Wills Vodafone Group Services Ayub Pimbi PwC Kamil Pindolia Barclays Chitra Ramachandran CertCFF – Pass Emma Simo Pinatella Sabic Capital Oliver Allen Chalkhill Partners Daniel Slark GlaxoSmithKline consumer Louise Andrews Marks & Spencer Stephen Sword Financial Conduct Authority Joy Aninon Shell Treasury Centre East Joel Tate BGL Group Monique Arnold Koninklijke Vopak Richard Walker Thomas Cook Group Donna Carver Gentoo Group Michael Walsh Leeds Building Society David Chatsama African Export Import Bank Lee Wridgway Bank of America Merrill Lynch Amish Chotai RBS Nicholas Cole Natwest Phil Cole Coutts & Company Emyr Davies Alliance Boots Henry Dryden Santander Suzanne Dunphy Visa Europe 98% Richard Ellison Clear Channel International Asal Erimbetova SunGard Birgita Gjirja PwC OF STUDENTS WOULD Charlotte Gosden Leeds Building Society RECOMMEND AN ACT Zeeshan Haider Pakistan State Oil Company Martyn Head Sector QUALIFICATION Catherine Hermanto Riaan Hubinger Melrose

ACT Professional QualificationsPass List April 2014 15 CertCFF – Fast Track – Distinction CertCFF – Fast track – Pass

Benjamin Avery Gerber, Landa & Gee Helen Cameron Shell Grant Cartwright JC Bamford Excavators Jonathan Cowie Royal Bank of Scotland Cheryl Holmes Regenda Michael Devine Volkswagen Financial Services (UK) Stuart Le Fevre Lloyd Garrett Gatwick Airport Christopher Pennington SSP Gail Gibson Entertainment One Manuele Rosignoli Alliance Boots Barbara Greene Total Produce Hannah Desanka Sola Shell David Hall Close Brothers Treasury Adam Waite Vodafone Dominic Heaton Innovia Films Kenny Wong Coventry Building Society Richard Henderson Tesco Bank Satinder Hera RBS Jayesh Joshi Derwent London Philip Larmouth W Wing Yip David Muir Gammon Construction Scott Murray Devon & Cornwall Housing Association Maria O’Sullivan Nike Christopher Owens Flight Centre Rajiv Parmar Debenhams Anthony Richter Manuel Sconcia CLS Holdings Ryan Sheppard Lloyds Bank Glyn Steanson SABMiller 427 Arianna Trevisani RBS STUDENTS ATTENDED John Vernède Telecity Group AN ACT ACCREDITED Wenning Wang Caparo Industries LEARNING WORKSHOP TO HELP THEM PREPARE FOR THE APRIL 2014 EXAMS

16 Certificate CertCFF Certificate in CERTFMM FINANCIAL MATHS AND MODELLING

With a highly practical emphasis, CASE STUDY CertFMM delivers the quantitative tools used in financial modelling Russell Whitehead, Corporate Finance to investigate and thoroughly Executive understand the complex products BP plc and concepts regularly used by corporates treasuries.

We congratulate the 34 candidates that became As part of BP’s corporate finance team, my CertFMM qualified in the April 2014 exams. responsibilities encompass derivative products associated with the foreign exchange and debt “In recent exams, it is really encouraging to capital markets. This made CertFMM a natural see a consistently good pass rate showing that fit as I work towards my AMCT. I found CertFMM candidates are getting to grips with the material. to be very practical and rewarding, managing to Particularly the ability to answer questions consolidate and deepen my understanding of existing testing the use of option strategies for hedging areas, whilst introducing me to new concepts. corporate exposures is very encouraging.” As I now expect from the ACT, the quality and Chief Examiner, CertFMM structure of the teaching complemented the certificate by initially reinforcing the ACT notes, “A corporate treasury in a large multi- then building upon and expanding the topics to national sits at the heart of managing deepen your knowledge. Allied to the tutor support financial risk in a changing world and we in the forum, this really helps you to take control need our employees to develop and build of your learning and ‘makes the subject yours’. On on their technical skills throughout their numerous occasions, be it in bank pitches or other careers. The ACT is very well respected external meetings, I have been able to apply the within BP treasury for its high quality and knowledge and frame the discussion from BP’s relevant training and is a key provider of point of view, making for some very interesting, treasury technical skills to BP.” albeit unplanned, conversations! I would highly recommend CertFMM to anyone in treasury as it NICK BAMFIELD, DEPUTY GROUP TREASURER, provides a thorough understanding of the products BP PLC widely used in treasury teams today.

ACT Professional QualificationsPass List April 2014 17 CertFMM – Distinction CertFMM – Pass

Amish Chotai RBS Ilona Abram Maas Accounting Jonathan Cohen National Grid Anthony Allsopp Lloyds Bank Nicola Hansford Capital Home Loans Rivka Attal Visa Europe David McCall Royal Bank of Scotland Peter Boon City and Docklands Sukhdeep Sambhi Barclays Jess Coles Petroplan Russell Whitehead BP Ashley Dexter London City Airport Katharine Wills Vodafone Group Services Mark Easter Lend Lease Sarpreet Gill HSBC Bank Michael Graven Liverpool Victoria Friendly Society Marina Gutsalo Bank of Tokyo-Mitsubishi UFJ Jonathon Lawson RBS Alice Mason PwC Morne Hugo Matthews Royal Bank of Scotland Douglas McAndrew Urbanest UK Matthew McKeown Smiths Group Daniel Mika EUROFIMA Sarah Miller Trillium Property Services Elizabeth Nemeth Skipton Building Society Lucy Nolan Peaks & Plains Housing Trust Jonathan Petty Deloitte Sohail Rasul Media Star Global Alan Searle 1,323 Andrew Smith Belron Roxana Tsirikhova Liquid Capital Markets EXAMS WERE TAKEN Peter Tu Fujitsu Services IN APRIL 2014 Adam Wiltshire National Grid

18 Certificate CertFMM Certificate in CERTICM INTERNATIONAL CASH MANAGEMENT

The definitive qualification in cash CASE STUDY management for both corporate and financial institutions from a Nuala Kelly, B.Comm, MBS, CertICM global perspective. Vice President, Corporate Banking Origination, Congratulations to our 91 newly qualified Barclays Bank Ireland PLC CertICM professionals from 19 different countries in the April 2014 exams.

“The pass papers showed a good balance I have been in banking for many years and have of knowledge across the manual and an never completed any ACT exams. I was looking ability to apply this knowledge to different for something that was not only relevant to my circumstances. With a record number of current role, but also represented a personal distinctions there were clearly some really challenge. I’m pleased to say that the CertICM excellent papers.” offered me both. I really enjoyed the study and Chief Examiner, CertICM because it was so relevant to my everyday work, I found myself constantly putting myself in the treasurer’s seat and then looking for and working to the optimal solution. It allowed me see international cash management from both viewpoints, that of a banker and that of the treasurer. It also gave me renewed confidence in my role and I would recommend it to others in a “Barclays Corporate Bank supports both cash management or treasury role. Now I am just the CertICM and CertITM. The qualifications looking for which exam is the next best fit for me. and knowledge gained by our teams are recognised and appreciated by our clients in supporting their current and future business needs.” IAN HARRIS ACT CERTICM, HEAD OF TRAINING & KNOWLEDGE MANAGEMENT, CORPORATE BANKING ORIGINATION

ACT Professional QualificationsPass List April 2014 19 CertICM – Distinction Kevin Braeckman PwC Enterprise Advisory Fayzul Choudhury Royal Bank of Scotland Juan Bueno Thomson Reuters Yiu Shan Titus Chui ANZ Tim Furness FSCS Filip Clavie ING Belgium / Switzerland Matthew Giannotti Royal Bank of Scotland Philip Cok Rabobank Neha Kant Royal Bank of Scotland Jean Connolly FEXCO Nuala Kelly Barclays Bank Ireland Jonathan Daly Camila Montagni Val D’Arcy Bank of America Merrill Lynch David Pickering Halfords Group Anirban De PwC Niels van Tol Bank Mendes Gans Edward De Courcy-Ireland HSBC Jiameng Yu Tate & Lyle Richard Doyle Barclays David Everett Babcock International Group Robert Foster CertICM – Pass Marinus Leonardus Goense ING Bank Alex Acott Barclays Glen Grove PwC Ajay Aditya Christopher Hamilton HSBC Kunle Aladewolu Deloitte Lorraine Hughes Experian Amar Amlani Bank of America Merrill Lynch Lynda Ihenacho Amlin Markus Arkling Handelsbanken Poonam Joshi The Economist Group Syed Shaheer Ashrafi Al Hilal Bank Zinnia Kan-Dapaah Land Securities Group Ozgur Aslaner Barclays Jayant Kulkarni HSBC Alice Aveline Wells Fargo Bank Praveen Kumar JP Morgan David Azenga Standard Chartered Bank Jelaine Landicho SC Johnson Philippines ROHQ Lasse Bæk Danske Bank Lasse Lauritzen Danske Bank Kiran Bajaj Standard Chartered Bank David Leclercq PwC Enterprise Advisory Mehnaz Bari Avery Dennison Kai Leung Sumitomo Mitsui Banking Corporation Julien Baude Xuan Li Perfetti van Melle Holding Daniel Bennett HSBC Bank Yu Xiang Liu BNP Paribas Arturas Budvytis Bank Mendes Gans Louise Lyngbye Hansen Danske Bank Claire Burrows HSBC Bank Harjinder Mann UK Debt Management Office Maxine Camar HSBC Gerry McEvoy Centralis Switzerland Julianne Chase ANZ Anne Francisca Michielsen Royal Bank of Scotland Eric Tsz Kin Cheung Royal Bank of Scotland Koh Chong Ming Clear2pay

20 Certificate CertICM David Mitchell HSBC Mathijs Mol Samer Musharbash Citibank N.A. Jordan Anirudh Nagarkatti HSBC Trevor Neate HSBC Bank Australia Elena Ng PS Oil Trading Tom O’Brien HSBC Gertrud Pahuus Danske Bank Vinay Pattni Barclays Richard Poplar Rio Tinto Harry Powell Metro Bank Henriette Ramm Danske Bank Anne Sofie Rasmussen Danske Bank Harsh Raut Barclays Kara Robb-Beddie Electrocomponents Adrienne Rossouw Standard Bank South Africa Martin Rybak Ernst & Young 95% Antti Saari Danske Bank Adeel A Samad HSBC Bank Middle East OF STUDENTS Katrina Sax Shell HIGHLY RATE CERTICM Suzanne Schilder TUITION SCHOOLS Iain Slatter ANZ Neha Stelin Citi Xiao Ye Tan HSBC Andreas Thommen Centralis Edison Tie Ernst & Young Vincent Verdaasdonk Lee Walker Robert James Wood Hays Mitsuaki Yokono HSBC

ACT Professional QualificationsPass List April 2014 21 Certificate in CERTRM RISK MANAGEMENT

CertRM delivers the theories, principles CASE STUDY and tools needed to address everyday problems in financial risk management. Sharn Hawkins, Treasury Manager Congratulations to the 100 candidates who BBA Aviation plc passed CertRM in the April 2014 exams.

“It was pleasing to see increased confidence of candidates in carrying out lognormal Value at Risk analysis and evaluating potential Completing the CertRM qualification provided us hedging strategies within a given scenario.” with a framework which we could consistently Chief Examiner, CertRM apply to scenarios in a treasury context; scenarios that can at first appear quite daunting. The course was highly practical and focussed in on the core elements of ‘contemporary treasury’; being not just about interest rates, FX and liquidity, but also pensions, commodities and other operational risks. Illustrated by real-world examples, I found it really relevant to the operations at BBA and together with the framework, it taught me to think abstractly, appreciating each risk from both a macro and microeconomic perspective. I would definitely encourage others to enrol on CertRM. “The ACT qualification provides a broad, In an environment of regulatory change, rapid strong understanding and knowledge base technological advances and increasing globalisation, of treasury and corporate finance which there is more focus on the effective management candidates can apply within their day-to- of risk than ever before. Recent market instability day role. It also supports career development has proved this to be invaluable. to help members meet their full potential within treasury and broader finance roles.” MARK DAWKINS, GROUP TREASURER, BBA AVIATION PLC

22 Certificate CertRM CertRM – Distinction Dominic Beange Kina Funds Management Matthew Caunt McBride Michael Cerdan Scottish Building Society Poonam Chauhan RBS Michael Christodoulou Sky International Nadia Cittadino Sowind Naomi Day Jardine Motors Adam Clarson Coventry Building Society Greg Handelaar RBS Jonathan Cohen National Grid Umair Haq SABMiller Robin Collett West Bromwich Building Society Sharn Hawkins BBA Aviation Christopher Davies NSG Group Simon Hill Skipton Building Society Katie Davison Rolls-Royce Stuart Le Fevre Abbas Dawoodkhan Jane O’Neill ABF Ravi Doshi Tareq Sholi Rio Tinto Benga lda Paul Drohan University of Sussex Evelien Spitteler PwC Aengus Feely BNY Mellon Adam Wiltshire National Grid Yi Feng Keri Yong Wei Li JT International Efua Forson Sonia Goubo Rentokil Initial Ben Alan Green Virgin Atlantic Airways CertRM – Pass Steven Griggs Samsung Electronics UK Mohamed Fazaz Abdul Majeed Standard Charlie Hanbury Unify Enterprise Comms Chartered Bank Akshat Jaganmohan IndusInd Bank Hakim Ashagidigbi Samantha James Dwr Cymru Customer Services Alexander Baker Fujitsu Services Ping Ji Sun Chemicals Raj Balaraman PwC Andrea John Bank of England Marissa Barakchizadeh Imperial Tobacco Group Clive Johnson LeasePlan UK Daniel Barker PwC Colman Tashaya Kajau Annamaria Bodi Olga Karoui Nagravision Robin Bond Knightsbridge Student Housing Takachida Kuhudzai Kimberley Clark Neil Brown American Express Europe Benjamin Tettey Kusah ICRT Nils Buesking Webasto Lloyd Li CIMB Bank Nichol Burgess Travelport International Ciaran Lynch Xerox Christopher Cadman RBS Andrew Macdonald Direct Wines Gemma Caffery Vita Group Services Justin May Morgan Stanley James Carr Swan Housing Association Leone McKinley BNP Paribas

ACT Professional QualificationsPass List April 2014 23 Thomas Mehlkopf SAP Deutschland Jatinder van Den Berg KPMG Anu Elina Mensah London & Quadrant Rosan Van der Meche PwC Housing Trust Ronald Van der Woude PwC Sarah Miller Trillium Porperty Services John Vernède Telecity Group Farizaad Motaleb Grofin Managers Luc Viergever ING Philip Mouchet GlaxoSmithKline Maarten Maximilianus Johannes Vijftigschild Sarah Alice Murray HSBC Bank Shell International Paul Newman Jonathan Whitcomb Nuffield Health Abdul Wahaj Noor Dollar Thrifty Automotive Group Sally Williams South Western Housing Society Conrad Oakley RBS George Wycherley Ulster Bank Luis Oliveira Siemens Helen O’Sullivan British Sky Broadcasting Anish Parmar AES Katherine Parsons BP Octavia Peters SEGRO Naeem Iqbal Qureshi UK Power Networks Andrew Roberts Royal Bank of Scotland Hamish Andrew Ross Mandarin Oriental Hotel Andrew Rubery Oxford University Paul Rujevic ANZ Susanne Rutishauser HSBC Sukhdeep Sambhi Barclays Ryan Sheppard Lloyds Bank Daniela Sibille Deloitte Mario Situm Fachhochschule Kufstein Tirol Bildungs 88% Vignesh Sivakumar Phoenix Financial Training Daniel Slark GlaxoSmithKline consumer OF UK FTSE 100 Benjamin Souter Alliance Boots EMPLOY ACT MEMBERS Harriet Stevens Standard Bank AND STUDENTS Scott Taylor ENRC Toby Taynton John Tuite Veratec

24 Certificate CertRM THE ACT EDUCATIONAL TRUST BURSARY SCHEME

ACT’s bursary scheme allows professional education to be within reach for highly motivated candidates from developing countries. It offers a platform to develop learning and encourages contribution to the international treasury community.

Providing positive support for students and the profession, ACT’s bursary scheme offers financial aid to students from emerging economies, who are unable to secure sponsorship and who wish to study for standalone certificates, the AMCT CASE STUDY (excluding ICM) or MCT qualifications. Nyondwa Chimai-Mukosa, Financial Reporting Who is eligible? Manager The bursary scheme is open to anyone who is Zambia Sugar PLC. not sponsored by their employer, and are nationals and residents of a developing country.

What does the bursary cover? Being able to apply for the bursary excited me. It was awarded to me in record time and then • full access to study materials I was good to go with the course. Access to • dedicated support from tutors valuable student online resources brought me • exam fee and first exam re-sit fee great joy because I could work, study and have • student joining fee family life at the same time. The course content is interesting and challenging and without doubt • student membership subscription sets a benchmark for treasury excellence in the for duration of studies modern business environment. • discounts for events, conferences, professional training and publications

FOR MORE INFORMATION

Go to www.treasurers.org/qualifications/fees

ACT Professional QualificationsPass List April 2014 25 CELEBRATING SUCCESS – 2013 PRIZE WINNERS

Our 2013 prizewinners have excelled in their studies and have demonstrated academic excellence. Prizes are awarded in each individual certificate exam and for the ACT Student of the Year – awarded for overall achievement on the MCT. Congratulations to these students who are certainly ones to watch in the industry.

CertFin FMA CertICM Stephen Finn, Head of Corporate Ker Wee Teo, Vice President, Finance and Tax, Vita Industrial (UK) Ltd Deutsche Bank

CertFin BL CertCFF Vladislav Smirnov, Senior Consultant, Martin Williams, Treasury Manager, TCS Bank Royal Mail Group

CertFin FMM CertCFF-FT Natalie Petyt, Assistant Director, Andrew McKerrow, Treasury Manager, Royal Bank of Scotland Capricorn Automotive

CertFin ESA CertFMM Camila Montagni, Trainee Manager Oliver Stobbs, Assistant Director, (Treasury), UBL UK Royal Bank of Scotland

CertITM CertRM Cheryl Holmes, Accountant, Regenda Ruby Ng, Group Finance Manager, SkyePharma

26 Prize winners STUDENT OF THE YEAR 2013

Each year the ACT recognises one overall Student of the Year prizewinner – awarded for overall achievement on the MCT Diploma in Treasury.

This year we’re delighted to announce winner Daniel Clarke, Deputy Treasurer, The Vita Group. We wish Daniel all the best in his future career.

“MCT builds on the fundamentals studied as part of AMCT, encouraging students to consider the wider strategic implications of major financial decisions. The course Danny Clarke, was challenging, but ultimately very Deputy Treasurer rewarding. I would strongly encourage The Vita Group any finance professional looking to take the next step in their career to consider the MCT. I take enormous pride in becoming a full member of the ACT.”

ACT Professional QualificationsPass List April 2014 27 The importance of a treasury function run by competent and qualified professionals is increasingly recognised around the world by companies looking for financial sustainability. That’s why students from over 100 countries have worked towards achieving outstanding results in the most internationally recognised treasury qualifications from the ACT in 2014.