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Investment team

Investment Managers

The Directors are responsible for the determination of UEM’s investment policy and have overall responsibility for UEM’s day-to-day activities. UEM has however, entered into an Investment Management Agreement with ICM Investment Management Limited (“ICMIM”), a company authorised and regulated by the Financial Conduct Authority as an alternative investment fund manager pursuant to the AIFM Rules and ICM Limited ("ICM") underwhich ICMIM has been appointed as UEM’s AIFM and as joint portfolio manager with ICM, licensed in Bermuda.

Duncan Saville is a Director of ICM and Charles Jillings a Director of ICM and Chief Executive of ICMIM. Charles is responsible for the day to day running of UEM.

Charles Jillings joined the ICM Group in 1995, established ICM Investment Research Limited in 1997 and ICM Investment Management Limited in 2015, and is based in Epsom, UK. Charles is a Director of ICM Limited, ICM Investment Research Limited and ICM Investment Management Limited. Charles qualified as a chartered accountant, has extensive experience in corporate finance and asset management, and he has been a director of a number of listed and unlisted companies. He is responsible for the day to day running of UIL Limited and Utilico Emerging Markets Trust plc and he has over thirty years of experience in international financial markets. Charles was formerly a Non-Executive Director of Utilico Investment Trust plc and Utilico Emerging Markets Limited, and he is an experienced non-executive director. Charles is currently a Director of Somers Limited, Waverton Investment Management Limited, Merrion Capital Group, Global Equity Risk Protection Limited and Allectus Capital Limited. Charles graduated from University of Cape Town with a B. Com. and qualified as a South African Chartered Accountant in 1980.

Duncan Saville founded the ICM Group and its predecessor companies, and has been employed by the Group since 1988. He is a chartered accountant with experience in corporate finance and asset management. He is an experienced non-executive director having previously been a director in multiple companies in the utility, investment, mining and technology sectors. He is currently a non-executive director of: Somers Limited, Homeloans Limited and West Hamilton Holdings Limited. His Fellowships include the Institute of Chartered Accountants Australia and New Zealand, the Australian Institute of Company Directors and the Financial Services Institute of Australasia and he is a Member of the Singapore Institute of Directors.

Charles and Duncan are supported by the Investment Team.

Jacqueline Broers joined the ICM Group in 2010 and is a Senior Equity Analyst based in Epsom, working for ICM Investment Research Limited and ICM Investment Management Limited. Prior to joining the ICM Group, Jacqueline worked in the Corporate Finance team at Lehman Brothers and Nomura. Jacqueline is focused on the Transport sector worldwide with particular emphasis on Emerging Markets. Jacqueline is a qualified chartered accountant, and is a Member of the Institute of Chartered Accountants in England and Wales.

Jonathan Groocock joined the ICM Group in 2011 and is a Senior Equity Analyst based in Epsom, working for ICM Investment Research Limited and ICM Investment Management Limited. Jonathan has nine years of experience in sell side equity research, and prior to joining the investment team was responsible for covering telecoms stocks at Investec. Jonathan is focused on the Utilities sector worldwide with particular emphasis on Emerging Markets. Jonathan qualified as a CFA Charterholder in 2005 and is a Member of the CFA Society of the UK.

Mark Lebbell joined the ICM Group in 2000 and is a Senior Equity Analyst based in London, working for ICM Investment Research Limited and ICM Investment Management Limited. Prior to joining the ICM Group, Mark worked for five years as an engineer developing digital television technology. Mark has assisted managing Utilico Emerging Markets Limited and UIL Limited since their inception, prior to that the Utilico Investment Trust plc between 2003 and 2007, and The Special Utilities Investment Trust PLC for three years to August 2003. Mark is focused on the Communications sector worldwide with particular emphasis on Emerging Markets. Mark has a Masters of Engineering in Electrical and Electronic Engineering from the University of Birmingham and is an Associate Member of the Institution of Engineering and Technology.

Eduardo Greca joined ICM in 2010 and is a Latam Investment Strategist, based in Colombia. Prior to relocating to Colombia in 2018, he was based in Brazil since 2012. Eduardo has over ten years of investment research experience, and prior to joining ICM, he worked for the commodities risk management team at Kraft Foods. Eduardo supports the ICM team on Latin American equity and fixed income investments, and he is responsible for the Stock Exchange sector worldwide with an emphasis on Emerging Markets. Eduardo obtained a Bachelor's degree in Economics at the Federal University of Parana in 2009, is a CFA Charterholder, and a Member of the CFA Society in Brazil. 

Santiago Mendez joined ICM in 2017 as an Equity Analyst based in Epsom, UK. He has over three years' experience as a research analyst, and prior to joining ICM he worked in the dividend forecasting team at IHS Markit in London. Santiago supports the senior analysts, with a particular focus on utilities. Santiago obtained a Bachelor’s degree (BA) in Business Administration from Universidad Carlos III de Madrid in 2013, and a MSc in Finance from University of Durham in 2014.

Company Secretary

Alastair Moreton joined ICM in 2017 to provide company secretarial services to UIL Limited and Utilico Emerging Markets Trust plc and is based in Epsom. He has over thirty years’ experience in corporate finance with Samuel Montagu, HSBC and Arbuthnot Securities, and earlier qualified as a Chartered Accountant with Arthur Andersen. Prior to joining ICM, Alastair worked at Stockdale Securities where he was responsible for the company’s closed end fund corporate clients.