UEM has a dedicated and active management team with over 100 years’ experience, bringing an in depth and thorough understanding of emerging markets infrastructure built around industry, sector, country and company expertise. 

Board of Directors

The Board of Directors, who are all independent, has overall responsibility for UEM’s activities and the determination of its investment policy and strategy. UEM’s investment portfolio is managed jointly by ICM Investment Management Limited (ICMIM) and ICM Limited who are responsible for implementing the policies laid down by the Board.

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Mark Bridgeman

Chairman

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Mark Bridgeman

Chairman

Appointed to the Board in September 2021 and became Chairman from the start of 2025. His background is in fund management spending 19 years with Schroders plc in various roles including Emerging Markets Fund Manager and Global Head of Research. He left Schroders in 2009 to manage a rural estate and farming business in Northumberland and was formerly President of the Country Land & Business Association. He has served on the board of several investment trusts since leaving Schroders. He is currently of the investment committee of the Leverhulme Trust and has been appointed Chair of Invesco Bond Income Plus Limited with effect from 17 June 2026. 

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Isabel Liu

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Isabel Liu

Appointed to the Board in November 2021 and is UEM's Senior Independent Director and Chair of the Renumeration Committee. She has over 25 years' global experience investing equity in infrastructure, including the AIG Asian Infrastructure Fund, the ABN AMRO Global Infrastructure Fund and the Asia Pacific investment business of John Laing plc. More recently she was a board member of an infrastructure fund manager backed by UK pension funds and of passenger champions for Heathrow Airport and UK public transport. She is currently a non-executive director of Schroder Oriental Income Fund Limited and Gresham House Energy Storage Fund plc. Isabel is a graduate of the Ohio State University with a masters from Harvard University and an MBA from the University of Chicago.

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Eric Stobart, FCA

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Eric Stobart, FCA

Appointed to the Board in October 2019 and is Chair of UEM’s Audit & Risk Committee. He has spent most of his career in financial services including merchant and commercial banking, insurance, investment management and as a pension fund trustee. He was a senior executive at Lloyds Banking Group and for 12 years chair of the investment committee of the £25.0bn Lloyds Bank Pension Scheme. He has been chair or deputy chair of several other large pension schemes and chair of the audit and risk committee of a substantial investment management group. Mr Stobart is a chartered accountant with an MBA from London Business School.

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Nadya Wells

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Nadya Wells

Appointed to the Board in September 2024 and is Chair of UEM's Management Engagement Committee. She has over 25 years’ emerging and frontier markets experience as a long term investor and governance specialist, latterly as a portfolio manager and analyst with the Capital Group. Prior to that she was a portfolio manager at Invesco Asset Management investing in public and private equity. She is currently a non executive director of unlisted SICAVs in Luxembourg, managed by Aberdeen Group plc and M&G plc. She has an MBA from INSEAD and a PhD from the University of Geneva.

Investment Team

UEM has entered into an Investment Management Agreement with ICM Investment Management Limited. ICMIM is authorised and regulated by the Financial Conduct Authority as an alternative investment fund manager (AIFM), pursuant to the AIFM Directive. ICMIM has been appointed as joint portfolio manager with ICM Limited, which is licensed in Bermuda.

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

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Charles Jillings

Joint Portfolio Manager, UEM

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Charles Jillings

Joint Portfolio Manager, UEM

Charles Jillings is Chief Executive of ICM Investment Management Limited, a UK-regulated AIFM, and a Director of ICM. With over forty years of experience in international financial markets, he has played a central role in shaping ICM’s investment platform and long-term strategy across both listed and private markets.

Since joining ICM in 1995, Charles has been instrumental in building and evolving ICM’s investment capabilities, including establishing ICM Investment Research in 1997 and ICM Investment Management in 2015. He is responsible for the management and strategic direction of UIL Limited and Utilico Emerging Markets Trust plc, where he oversees capital allocation, investment decisions, and stakeholder engagement.

Charles brings extensive expertise in both corporate finance and asset management, with a strong track record in identifying and developing investment opportunities in specialist sectors. He also holds a number of board positions across ICM-related businesses, reflecting his deep experience in governance and active ownership.

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Jacqueline Broers

Joint Portfolio Manager, UEM

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Jacqueline Broers

Joint Portfolio Manager, UEM

Jacqueline Broers joined ICM Limited in 2010, and she is the Joint Portfolio Manager of Utilico Emerging Markets Trust plc. Prior to joining the ICM Group, Jacqueline worked in the Corporate Finance team at Lehman Brothers and Nomura. She is focused on the infrastructure and utilities sector worldwide with particular emphasis on emerging markets. Jacqueline is a qualified chartered accountant and a Member of the Institute of Chartered Accountants in England and Wales.

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Duncan Saville

Director and Chairman, ICM Limited

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Duncan Saville

Director and Chairman, ICM Limited

Duncan Saville founded the ICM Group and its predecessor companies, and has been employed by the Group since 1988. Duncan 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. Duncan is currently a Non-Executive Director of Somers Limited and Resimac Group 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.

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Alastair Moreton

Company Secretary, UEM and UIL Limited

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Alastair Moreton

Company Secretary, UEM and UIL Limited

Alastair Moreton joined ICM Limited in 2017 to provide company secretarial services to UIL Limited and Utilico Emerging Markets Trust plc, and is based in Epsom, UK. He has over thirty years of 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 Limited, Alastair worked at Stockdale Securities where he was responsible for the company’s closed-end fund corporate clients.

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Mark Lebbell

Senior Analyst

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Mark Lebbell

Senior Analyst

Mark Lebbell joined ICM in 2000 and is a senior equity analyst for ICM Investment Management Limited, based in Epsom, UK. Prior to joining ICM, Mark worked for five years as an engineer developing digital television technology. He has assisted managing Utilico Emerging Markets Trust plc and UIL Limited since their inception and, 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. He has a Masters of Engineering in Electrical and Electronic Engineering from the University of Birmingham, and he is an Associate Member of the Institution of Engineering and Technology.

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Stuart Briscoe

Senior Analyst

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Stuart Briscoe

Senior Analyst

Stuart Briscoe rejoined ICM in 2025 as a senior analyst working for ICM Investment Management Limited, based in Epsom. Stuart has over twelve years of investment experience and previously worked at L&G Asset Management as a senior equity analyst and European Income fund manager. Prior to this, Stuart worked at ICM as an equity analyst, covering utilities, transport infrastructure, and the telecommunications sector. He also worked as an Emerging Markets equity analyst at Henderson Global Investors. Stuart holds a BSc in Economics from the University of Warwick (2013) and is currently completing an MBA at Imperial College Business School. He is a CFA charterholder and holds the CFA Certificate in ESG Investing.

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Eduardo Greca

Managing Director at ICM Latin America

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Eduardo Greca

Managing Director at ICM Latin America

Eduardo Greca joined ICM in 2010 and he is the Managing Director at ICM Latin America. Eduardo began his career with ICM in London before moving to Brazil in 2012, where he is now based. During this period he spent two years in Colombia, gaining deeper insight into the Latin American market. Eduardo has over fifteen years of investment research experience, and prior to joining ICM he worked on the commodities risk management team at Kraft Foods. Eduardo covers Latin American equity and fixed-income investments and 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 (UFPR) in 2009, is a CFA Charterholder, and a Member of the CFA Society in Brazil.

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George Velikov

Head of EMEA

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George Velikov

Head of EMEA

George Velikov joined ICM in 2018 and is our Head of EMEA at ICM Investment Management, based in Epsom, UK. He oversees EMEA equity investments and leads equity research in CEE, MENA, and Central Asia. Prior to joining ICM, George spent two years as an investment graduate analyst for Zurich UK. He holds a BSc in Economics and Management from the University of Bristol, is a CFA Charterholder, and is a member of the CFA Society of the United Kingdom.

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Henry Beck

Analyst

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Henry Beck

Analyst

Henry Beck joined ICM in 2021 working as an analyst based in Epsom, UK. Having initially worked across the utilities, transportation, and telecommunications sectors, he now oversees the transportation sector globally with a focus on emerging markets. Prior to ICM, Henry worked in trade finance as an intern at Trafaltin having graduated with a BSc (Hons) in Economics from the University of Bath. He is a CFA Charterholder and a member of the CFA Society in the UK.

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Gillian Zhao

China Analyst

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Gillian Zhao

China Analyst

Gillian joined ICM in 2022 as the China and Far East Analyst, working for ICM Investment Management based in Epsom, UK. Her main role is to conduct investment research and to support the senior analysts across multiple sectors. Prior to joining ICM, she worked as a business valuation graduate in EY UK for over two years, primarily on the infrastructure and energy sectors. Gillian holds a MSc in Global Management (Finance) from the London School of Economics, and a BBA (Hons) in Accounting and Finance from the Hong Kong Baptist University.

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Conrado Freitas

Analyst

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Conrado Freitas

Analyst

Conrado Freitas joined ICM in 2023, and he is an Analyst based in Brazil. Prior to joining ICM, Conrado worked as Financial Planning Analyst and Controller for companies in the technology and oil & gas sectors. Conrado graduated in Business Administration in 2016, obtaining dual degrees from Brazil and Germany. He holds a post-graduate degree in the financial market and a master's degree in economics from the University of Glasgow, UK.