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Investment team

The Directors are responsible for the determination of UIL’s investment policy and have overall responsibility for the Company’s day-to-day activities. UIL 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 UIL’s AIFM and as joint portfolio manager with ICM, licensed in Bermuda.

Duncan Saville is responsible for the investment portfolio in conjunction with Charles Jillings. Charles Jillings is responsible for the day to day running of UIL. 

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. Today he is a Director of ICM Limited, ICM Investment Research Limited and ICM Investment Management Limited. Charles qualified as a chartered accountant and has extensive experience in corporate finance and asset management. Charles is responsible for the day to day running of UIL Limited and Utilico Emerging Markets Limited 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. He has been a director of a number of listed and unlisted companies. Charles is currently a director of Somers Limited, Waverton Investment Management Limited, Westhouse Holdings plc, Merrion Limited, One Communications Ltd, Global Equity Risk Protection Limited and Vix Investments 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 them since 1988. He is a chartered accountant with experience in corporate finance and asset management. He was formerly a non-executive director of Utilico Investment Trust plc and is an experienced non-executive director having previously been a listed and unlisted company director in a multiple of utility and technology sectors. He is currently a non-executive director of the following listed companies: New Zealand Oil and Gas Limited, Cue Energy Resources Limited, Touchcorp Limited, Somers 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 analysts and the corporate finance team.

Gavin Blessing joined ICM in 2012 as a Fixed Income Analyst based in Dublin, Ireland. He has over twenty years' experience, mostly in the corporate fixed income markets, both investment grade and high yield. He worked as a Credit Research Analyst and Portfolio Manager at Goldman Sachs Asset Management in London for ten years, and subsequently as Head of Credit Origination at ISTC in Dublin, Ireland. Prior to joining ICM he was Head of Bond Credit Research at Canaccord Genuity in Dublin. Gavin is responsible for the fixed income portfolios managed by ICM. Gavin graduated with a Bachelor of Commerce degree from University College Dublin, Ireland in 1992, is a Member of the Institute of Chartered Accountants in Ireland and in addition, is a holder of the Chartered Financial Analyst designation.

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 Utilico Investments 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.

Dugald Morrison has been involved with ICM and its predecessor companies since 1994 and is responsible for ICM NZ Limited, based in Wellington. Dugald is an experienced investment analyst, having worked in stockbroking, investment banking and investment management firms in New Zealand, the United Kingdom, and the United States since 1987. Dugald is focused on the Resources sector worldwide. Dugald is a director of RESIMAC Financial Services Limited and Brightwater Group Limited. Dugald graduated from Victoria University of Wellington in 1991 with BCA (Hons) and is a Member of the New Zealand Institute of Directors.

Michael Walters joined ICM in 2013 as a Technology Portfolio Adviser and Director of Vix Investments Limited. Michael has over twenty five years of experience in payments, cards and financial services and has worked in both leadership and advisory roles from start-ups, through consultancies to multi-nationals, with engagements in Asia Pacific, Europe and North America. He is a director of several portfolio companies, and non-executive director of MyClear (the national payments clearing and settlement subsidiary of Bank Negara Malaysia). Michael is a Member of the Australian Institute of Company Directors.

Ross Wilding joined ICM Investment Research in 2012 as an Equity Analyst and is based in Epsom, working for ICM Investment Research Limited and ICM Investment Management Limited. Prior to joining the ICM Group, he worked as an investment analyst at wealth manager Optima Financial (now part of Ingenious). Ross is focused on the financial services sector worldwide with particular emphasis on the Somers Limited investments. Ross completed his MBA in 2012 at the Kellogg School of Management, Chicago, and is a CFA Charterholder.

Corporate Finance Team

Sandra Pope joined the ICM Group in 1999 and is based in Epsom. She has twenty five years of experience in corporate finance. Prior to joining ICM, Sandra worked in corporate finance at Deloitte Haskins & Sells, Hill Samuel Bank and Close Brothers. She is a Director of ICM Investment Management Limited and ICM Investment Research Limited, ICM's fully owned UK subsidiary which focuses on research and analysis. She is also a director of several private companies including Harlequins Football Club Ltd, and Westhouse Holdings plc. Sandra is a qualified chartered accountant and holds the Securities & Investment Institute Certificate of Corporate Finance.

Alasdair Younie joined the ICM Group in 2010, is a Director of ICM Limited and is based in Bermuda. Alasdair has extensive experience in financial markets and corporate finance. Alasdair is responsible for the day to day running of the Somers Group. Alasdair qualified as a chartered accountant with PricewaterhouseCoopers and subsequently worked for six years in the corporate finance division of Arbuthnot Securities Limited in London. Alasdair is a director of Ascendant Group Limited, Bermuda Commercial Bank Limited, Bermuda First Investment Company Limited, Somers Limited and West Hamilton Holdings Limited. Alasdair graduated from Bristol University with a BSc in Economics and Economic History in 1998, and is a Member of the Institute of Chartered Accountants in England and Wales.

Company Secretary

Alastair Moreton joined ICM in 2017 to provide company secretarial services to UIL Limited and Utilico Emerging Markets Limited, 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.