Headquartered in Hong Kong, Anglo-Eastern Univan Group (AEUG) is one of the world’s largest ship management companies offering technical services, crew management, education and seafarer training. AEUG operates in over 18 countries with oversight over 26,000 professional seafarers and 1,600 shore staff who support ship owners around the world.
AEUG manages its strategic treasury function out of Hong Kong in close partnership with its main subsidiary treasury and payment teams in Singapore, India, the Philippines and Scotland, which service the firm’s in-house corporate and client-related transactions.
The ship management industry is growing. Faced with an increasingly dynamic maritime environment, more ship owners are outsourcing the management of day-to-day fleet operations to third-party firms like AEUG.
While this bodes well for AEUG’s growth, it creates complexities for its treasury function. AEUG created separate bank accounts for all its clients to hold and funnel funds for daily operational needs. This meant its treasury had to manage a growing number of bank accounts with various financial institutions. It also had to cope with rapidly rising payment volumes, as well as the challenge of optimizing its own cash as the company expanded.
In summary, AEUG needed to:
AEUG appointed J.P. Morgan as its new core cash management banking provider to design a custom treasury structure and implement a comprehensive global cash and liquidity solution.
The solution incorporates banking technology innovations and industry best practices that address the complexities of treasury management within the ship management industry, including:
Amid an influx of new clients and opportunities, J.P. Morgan empowered AEUG with the ability to simplify our treasury structure, streamline scores of accounts and drive greater transparency in our processes. The solution resulted in improved efficiencies and increased cost savings.
AEUG has benefited from greater cost and operational efficiencies as a result of market-leading cash and liquidity solutions, including:
In collaboration with J.P. Morgan, AEUG leveraged industry best practices and innovative treasury technologies to centralize the firm’s treasury operations and deliver greater efficiencies. The unique global solution serves as a key foundation for AEUG’s treasury structure as the firm looks to strengthen their global leadership position within the ship management industry.
Anglo-Eastern Univan Group is a highly commended winner of the Treasury Today 2017 Adam Smith Awards Asia Best Cash Management Solution category.
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