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Interim and fractional treasurer

An interim or fractional treasurer runs your treasury function for a defined period, full time or a few days a week. CFOs hire FIRMA Advisory when a treasurer leaves, after an acquisition, before a first treasury hire or during a refinancing. The outcome is continuity, a documented function and a clean handover to a permanent hire.

When companies bring us in

Companies bring us in when treasury cannot wait for a permanent hire. These are the usual triggers.

  • The treasurer has resigned, and the notice period is shorter than the search.
  • An acquisition has added banks, entities and currencies faster than the team can absorb them.
  • The company needs treasury capability before it is ready for a first full-time hire.
  • A refinancing is under way, and lenders expect a credible treasury counterpart.
  • The treasurer is on extended leave, and daily cash management still has to run.
  • A carve-out needs a working treasury function from day one.

How much time does an interim treasurer commit?

Time commitment is set in days per week and can change as the situation changes. These are the usual models.

  • Interim, close to full time: 4 to 5 days per week, for departures, refinancings and post-acquisition periods.
  • Fractional: 1 to 2 days per week, for companies not yet ready for a full-time treasurer.
  • Step-down: starting close to full time and reducing as the permanent hire takes over.

The commitment and its review points are agreed in writing at the start.

What does the interim treasurer own, and what is advised?

The interim treasurer owns the daily running of treasury within limits the CFO sets. Strategic decisions stay with the CFO and the board, with the interim treasurer advising.

  • Owned: the daily cash position, the cash forecast and treasury reporting.
  • Owned: day to day contact with banks and the treasury calendar.
  • Owned: oversight of payment controls and bank mandates.
  • Advised: facility terms, hedging policy, bank panel changes and the use of surplus cash.
  • Advised: board treasury papers, which the CFO presents and the board approves.

Bank signing and payment release rights are set by your board and your mandates. We recommend that final payment release stays with your own employees.

What we deliver

You receive a running treasury function, the documentation behind it and a structured handover. The table shows each deliverable and its timing.

DeliverableWhat it containsTypical timing
Treasury takeover reviewCash, banks, mandates, forecast and open issues, documented at the start.End of phase 1
Running treasuryDaily cash position, forecast and bank contact, with weekly reporting to the CFO.Phase 2
Treasury documentationPolicies, procedures, bank and mandate records, and a treasury calendar.Phase 2
Role profile and recruitment supportJob description, interview support and candidate assessment for the permanent hire.Phase 3
Handover packStatus, open items and a structured handover plan for the new treasurer.Phase 3

How an engagement runs

An interim assignment runs in three phases: take over, run and hand over. The length of the middle phase depends on the search for a permanent hire.

  1. Takeover, weeks 1 to 2. We review cash, banks, mandates and the forecast, and agree priorities with the CFO. Urgent gaps are fixed first.
  2. Run and stabilize, weeks 2 to 16. We run treasury day to day and document how it works. Improvements are made where they reduce risk or cost.
  3. Recruit and hand over, the final 4 to 6 weeks. We help define and fill the permanent role, then hand over with a documented plan. The new treasurer starts with a working function, not a backlog.

What changes for the client

Outcomes are visible in treasury reports, bank records and the handover itself. These are the outcome types we report.

  • Daily cash position and forecast delivered without interruption.
  • Bank mandates and signatories updated after the departure or acquisition.
  • Treasury policies and procedures documented for the next treasurer.
  • Refinancing or bank deliverables met on schedule.
  • Permanent treasurer hired and onboarded through a structured handover.
  • Open treasury issues closed before the handover.

Why an independent former banker

An interim treasurer is judged by how quickly banks and lenders trust them. Federico Lleonart worked in cash management at J.P. Morgan and Barclays, so FIRMA Advisory brings bank-side judgment to the role from day one.

Why does bank experience matter in an interim role?

Banks keep processing mandates, KYC and credit requests during the transition. Someone who knows how banks work keeps those requests moving.

How is the role handed over to a permanent hire?

Handover starts long before the hire arrives. Every process, bank contact and open issue is documented while the interim role runs.

The new treasurer works alongside the interim for an agreed overlap period. Responsibilities then move across in a planned order.

How do you help recruit the permanent hire?

We write the role profile from what the function actually needs. We can join interviews, assess candidates on treasury and banking, and work alongside your recruiter.

FIRMA Advisory sells no banking products and takes no commissions from banks or recruiters. A senior treasury consultant fills the role, not a junior placement.

For consulting firms and private equity teams

Consulting firms bring us in when a client needs interim treasury cover alongside a wider project. Private equity teams use interim treasurers after acquisitions or departures, and our partner model explains how we work with your team.

Frequently asked questions

These are the questions CFOs ask before bringing in an interim treasurer. Each answer is direct.

How quickly can an interim treasurer start?

It usually takes one to two weeks, depending on current commitments and the time needed for bank access and onboarding. Tell us the departure date or deadline as early as possible. We can often start the takeover work remotely while bank mandates and system access are arranged.

How much does an interim treasurer cost?

Pricing follows the time commitment, usually a day rate or a monthly fee for an agreed number of days per week. The arrangement is set in writing and reviewed as the situation changes. See engagement models and fees for the formats and how each one is priced.

How long does an interim assignment last?

A typical assignment runs 3 to 6 months, depending on the search for a permanent hire and the work in progress. Fractional roles can continue longer for companies not yet ready for a full-time treasurer. Notice terms are agreed at the start.

Is the role remote or on site?

It is a mix. Daily treasury work runs largely remotely, while key meetings, bank visits and team sessions take place on site. The balance is agreed at the start and depends on the time commitment. Travel is billed at cost and approved in advance.

Which regions and languages do you cover?

We take interim roles for companies in the United States, Europe and Latin America. Federico Lleonart works in English, Spanish, Portuguese, Italian and French, so local teams and banks in those languages are engaged directly. Multi-country treasury can be run from one role.

How do you handle confidentiality and access?

Engagements are confidential, and access to systems and banks follows your own policies. Bank rights are granted through your mandates and removed at the end of the assignment. Client names and situations are never published without explicit consent. Documents can be shared through your own data room.
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Related insight: When a company needs an interim treasurer covers the triggers and the handover.

Engage

Keep treasury running while you hire.

Book a short call with a senior treasury consultant about cover, time commitment and handover. We will outline what an interim role would look like for you.

Book a 30 minute call [email protected]