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At Spotify, she tasks external managers with the strategic cash

VIDEO | The distinction between cash managed internally and externally was at the heart of Mikaela Rumenius’ session with a packed room at Treasury 360° Nordic on Thursday. As head of financial markets activities at the treasury of Spotify, she is responsible for a setup where external managers take care of the more long-term liquidity reserve.

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With the company being only 16 years old, and the treasury being built from the bottom up, it was originally a matter of time. Jockeying the markets was simply not feasible for the small treasury team of the fast-growing enterprise. But even as Spotify is maturing, the split of cash between internal and external management is one of the main features of the setup.  While “separately managed accounts”, SMAs, are increasingly common, they are still relatively rare in the Nordics.

“The first thing is that you need to know the difference between your operating and strategic cash,” says Mikaela Rumenius. 

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Another point to examine is the management policies. She gives the example that the scope of permitted bond investments were broadened to include not only A rated securities but also BBB, where a large part of corporate bonds are at.


Treasury 360° Nordic 2022, on 9 June, gathered nearly 300 delegates at Clarion Hotel Copenhagen Airport, and 100 online.
• Info site, with speakers and agenda – click here.

• Find more speaker presentations and other news-site posts relating to the event by clicking here.
• Full-session videos are trickling out in our video flow.
• Follow Treasury 360° on LinkedIn to stay updated – click here.

 

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