Utilico banner image

Investment Team

ICM is the Investment Manager of Zeta. ICM is a Bermuda based global fund manager focused on identifying investments at valuations that may not reflect their intrinsic long term value. The investment style of ICM is to have a deep understanding of the business fundamentals of each investment and its environment versus its economic value. ICM’s approach is as long term investors.

ICM has some US$21.1 billion under management directly and indirectly in a range of mandates. ICM has over 40 staff based in offices in Bermuda, Cape Town, Dublin, Hong Kong, London, Melbourne, Singapore and Wellington.

ICM staff responsible for Zeta’s investments include:

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.

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: 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.

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.

Eduardo Greca joined ICM in 2010 as an Equity Analyst and he is based in Brazil. He has over eight years of experience as an economist, and prior to joining the investment team he worked in the commodities team at Kraft Foods in Brazil. Eduardo supports Zeta on Latam investments. Eduardo obtained an economics degree at the Federal University of Parana in 2009 and is a CFA Charterholder.