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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John Rennocks

Chairman

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John Rennocks

Chairman

Appointed to the Board in November 2015, John has broad experience in conventional and renewable electricity generation and in biotechnology, support services and manufacturing. He previously served as deputy chairman and senior independent director of Inmarsat plc, as finance director of several public limited companies (including Smith & Nephew plc, PowerGen plc, British Steel plc, and Corus Group plc), and as a non-executive chairman or director of several companies, including Foreign & Colonial Investment Trust plc and JP Morgan Overseas Investment Trust plc. He is a Fellow of the Institute of Chartered Accountants of England and Wales.

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Mark Bridgeman

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Mark Bridgeman

Appointed to the Board in September 2021, Mark’s background is in fund management spending nineteen years with Schroders plc with 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 and is currently on the investment committee of the Leverhulme Trust. He is UEM’s Senior Independent Director and Chairman of the Remuneration Committee.

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Isabel Liu

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Isabel Liu

Appointed to the Board in November 2021, Isabel has over twenty five years of 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, Isabel 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, Eric has many years of experience in financial services having spent most of his career in merchant and commercial banking, latterly as a senior executive at Lloyds Banking Group. He has extensive experience as a non-executive director and audit and risk committee chair in the financial services sector covering banking, investment management, insurance and pensions. For twelve years, he was chair of the investment committee of the £25bn Lloyds Bank Pension Scheme as well as having been chair of the audit and risk committee of a substantial investment management group. Currently he chairs or is a deputy chair of the trustee board of three pension schemes with combined assets of some £2.3bn. Eric is a chartered accountant with an MBA from London Business School and is chairman of UEM’s Audit & Risk Committee.

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Nadya Wells

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Nadya Wells

Appointed to the Board of UEM in September 2024, Nadya has over 25 years’ emerging and frontier markets experience as a long term investor and governance specialist. She spent 13 years with the Capital Group as a portfolio manager and analyst with a focus on global emerging markets. 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 Hansa Investment Company and Barings Emerging EMEA Opportunities plc as well as unlisted SICAVs in Luxembourg, managed by abrdn and M&G. She has an MBA from INSEAD.

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, 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.

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Charles Jillings

Fund Manager, UEM

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Charles Jillings

Fund Manager, UEM

Charles Jillings joined ICM 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 and ICM Investment Management Limited, a regulated UK AIFM. Charles qualified as a chartered accountant and has extensive experience in corporate finance and asset management. He is responsible for the day to day running of UIL Limited and Utilico Emerging Markets Trust plc, and 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 is an experienced non-executive director. Charles is currently a director of Somers Limited, L&C Waverton, and ICM Mobility Group Limited. Charles graduated from the University of Cape Town with a B. Com. and qualified as a South African Chartered Accountant in 1980.

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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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Jacqueline Broers

Deputy Portfolio Manager

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Jacqueline Broers

Deputy Portfolio Manager

Jacqueline Broers joined ICM Limited in 2010 as a senior equity analyst for ICM Investment Management Limited, based in Epsom, UK. 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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Mark Lebbell

Senior Analyst

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Mark Lebbell

Senior Analyst

Mark Lebbell joined ICM Limited 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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Eduardo Greca

LatAm Investment Strategist

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Eduardo Greca

LatAm Investment Strategist

Eduardo Greca joined ICM in 2010 as the Latam investment strategist. Eduardo started his career with ICM in London before moving to Brazil, where he is now based, and he was located in Colombia for two years from 2010 to broaden his understanding of the Latin America market. Eduardo has over twelve years of investment research experience and, prior to joining ICM, he worked for the commodities risk management team at Kraft Foods. Eduardo covers the Latin American equity and fixed income investments, and is responsible for the stock exchange sector worldwide with an emphasis on emerging markets. He has a Bachelor's degree in Economics from the Federal University of Parana (UFPR), is a CFA Charterholder, and a member of the CFA Society in Brazil.

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George Velikov

CEE Investment Strategist

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George Velikov

CEE Investment Strategist

George Velikov joined ICM Limited in 2018, and is our Central and Eastern Europe (CEE) investment strategist, working for ICM Investment Management based in Epsom, UK. His main role is to cover investments in the CEE region across all sectors. Prior to joining ICM Limited, he worked as an investment graduate analyst for Zurich UK for two years. He holds a BSc in Economics and Management from the University of Bristol and is a CFA Charterholder.

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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. His main role is to support the senior analysts with their respective sectors. Previously, Henry was an intern at Trafaltin, where he worked on trade financing. He graduated with a BSc (Hons) in Economics from the University of Bath in 2020, and is currently pursuing the CFA Charter.

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Gillian Zhao

Analyst

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Gillian Zhao

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.

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Saif Alsadi

Analyst

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Saif Alsadi

Analyst

Saifaldeen (Saif) Alsadi joined ICM in 2024 as an Analyst, based in Epsom, UK. His role is to conduct investment research and to support senior analysts across various sectors. Prior to joining ICM, Saif was an intern at PKF International (Doha) as a part of their Mergers and Acquisition Advisory team. He holds a MSc in Accounting and Finance from the Warwick Business School, a BSc (Hons) in Accounting and Finance from the University of Surrey. He is currently pursuing a CFA Charter.