'No two days are the same,' says Sinead Lohan, head of treasury Investec Munster
Sinead Lohan agrees that her job is definitely of the ‘no two days the same’ variety, as she leads a team focused on responding to clients’ needs in managing their Treasury risks.
“On a day to day basis, this means that I’m on the road a lot meeting clients,” she explains.
“My first task each day is to catch up on the markets, read research and from our economists, and speak to our FX specialists in the UK, Dublin, Australian and South African offices. Obviously, Brexit is a huge concern for many of our clients and the uncertainty it brings with it.
"Our global coverage ensures our service is seamless and bespoke, helping and supporting our clients to remove currency risk associated with their business.”
Mornings are generally arranged around client meeting, making calls and talking to prospects, while afternoons are usually spent preparing proposals on Treasury policies and bespoke hedging strategies for clients.
“I like to plan ahead and be prepared to ensure that the solutions I am presenting to clients are answering the problems they have shared. I love my job - I have unending enthusiasm and passion for learning and meeting people,” she adds.
In a business where fast reactions are needed during periods of market turbulence, stress comes as part of the package in responding to changing financial conditions, currency fluctuations and economic data.
“The hours can be long. The markets operate 24/7, so this is not a 9 to 5 job. In the last year we have had a series of Brexit votes in the UK parliament that have had knock-on implications on the markets. Investec was the only bank in Ireland to extend our dealing hours to allow our clients deal and place orders as events in the Houses of Parliament were unfolding late into the evening.”
The Investec office at One Albert Quay is the base for its Munster business, dealing with clients across retail, agri, ICT, construction & engineering, aviation and pharma.
“We work closely with a variety of industry associations including the Chambers of Commerce which run great industry focused events.
"Cork CIT and University of Limerick are supporting very exciting companies in the tech and IT space, and Enterprise Ireland are also championing many growing Munster based indigenous companies particularly in the food sector.
"These industry bodies are key partners for Investec and I actively participate and contribute to their events.”
Given the constantly changing nature of business, teamwork is an essential element of success at Investec.
“There is an African saying - ‘If you want to go fast, go alone. If you want to go far, go together.’ My team is essential and together we have a high level of expertise across many sectors and products.
"We are the only Irish commodity solutions provider, and which demonstrates the value of our Treasury offering to corporates across Cork and Munster.”
In the panoramic city vistas offered by the Investec offices, she witnesses the continued progress of Cork where cranes increasingly dot the skyline.
The population of the South-west has been growing by around 1% each year for the past number of years and official projections from the CSO show that the region’s population is expected to grow further in the coming decades - by up to 19% by 2036.
"Looking just at Cork City, the government’s Project Ireland 2040 plan anticipates growth of more than 50% in the city’s population by 2040. This is particularly encouraging when we so often hear about the pull of the Dublin economy,” she says.
“A rising tide lifts all boats, but Cork can definitely benefit from some of the challenges posed by Dublin’s strong growth in recent years.
"Office-based companies looking to expand or relocate in the city do not have to contend with the same space constraints that are now a feature of the Dublin market, while office occupancy costs in Cork are less than half of Dublin’s.”
She cites quality of life advantages - 60% of people in Cork can commute to work in less than 30 minutes, and while housing costs have increased, they remain 30% lower than Dublin on both a purchase and rental basis.
“There is a good balance between international and domestic sources of employment. We know the Cork hinterland is a hub for FDI, particularly in the high-value pharma and medical sectors - 8 of the world’s top 10 pharmaceutical companies are located in Cork - but there is also a great entrepreneurial spirit in the city which is shown by the number of successful start-ups in the region in recent years.”
She adds the recent Financial Times ranking of Cork as one of the top small European cities of the future.
“Cork, and the south-west in general, is better-positioned than other regions in Ireland to deal with Brexit-related challenges and is primed to benefit from in-bound job relocations. So, although there are challenges, for most of our clients there are also opportunities.”
While Brexit could bring significant disruption to many areas and sectors, it has encouraged businesses to look beyond the UK for opportunities and new markets.
“The share of Irish exports destined for Britain has been steadily declining over the years, and is now about 10%, but it is still such an important market for many indigenous industries.
"I’m hopeful that, firstly, a no-deal Brexit can be avoided, but also that Irish businesses can use it as an opportunity to leverage the State supports that have been put in place and look further afield for growth opportunities. I think the economy will be much stronger for doing so in the long run.”
In a business world that was male dominated for generations, she has seen first-hand the changing gender demographic in recent years:
“From an Investec perspective, we are seeing that more and more of our interactions are with businesses where women are the decision makers and key influencers.
As a company we set ourselves up to ensure we encourage diversity at all levels, but also that we are best positioned to respond to change in the business environment.
Investec is a sponsor of 20x20, an initiative by The Federation of Irish Sport to provide more support for women in sport. “In demonstrating our commitment to the initiative, Investec created an awards scheme to help change the perceptions of women’s sport.”
The Investec 20x20 Media Awards recognise and reward excellence in Irish journalism focused on Women in Sport.
“At a more local level, I have pledged to continue my involvement with my own local club, managing Eire Og Under14 Ladies Football team and to encourage and promote all sporting achievements for young girls where I can,” she adds.
“It says it all in the hash tag: ‘if she can’t see it, she can’t be it.’ As the mother of 2 boys and 2 girls, I am passionate about ‘wearing my stripes’ and strive for all my children to have the same opportunities.”
Investec recently compiled a report highlighting the economic benefits of sport. “Although sport is an integral part of many of our lives, the economic contribution of these activities can seem secondary.
"However, sport is an important part of the national economy and contributes significantly in terms of output, employment and spending.
"As such, understanding the wide-ranging economic impact of sport is critical for policymakers to make informed decisions and we are pleased to be able to contribute to that discussion.”
