Our history

Our origins date back to 1988, and since 2010 we have been operating under the ICM brand. ICM has a long history of direct investment in Bermuda through ICM managed and advised funds. ICM was the principal sponsor of the Bermuda Olympic Association, and a significant contributor to the construction of the Bermuda Hospital.

ICM has evolved to become a global organisation, and is an international Fund Manager and Corporate Finance Adviser headquartered and licenced in Bermuda as an exempted company, pursuant to the provision of Section 129A of the Bermuda Companies Act 1981.

Whilst ICM is entrepreneurial in nature, we uphold traditional values where the depth and longevity of our relationships are built by repeatedly delivering on our word, challenging constructively and acting respectfully. This informs our own culture, shaped by a global team of specialist investors and sector analysts, each revered in their field and given the freedom to find compelling investment opportunities. We maintain a balance of independence, insight sharing and a supportive collegiate environment which helps build conviction and ensure informed, robust outcomes.

ICM combines the established values and independence of a family office, the measured critique and high engagement of a private equity house and the patient vision and loyal support of a founding investor. Alongside these qualities, we are increasingly recognised for finding right-sized opportunities in specialist sectors where we can have a meaningful role as investors.

Today, the ICM Group extends to more than 10 locations globally with over 20 specialist ICM staff members and 70 staff in total. ICM is currently managing approximately US$2.6 billion in funds directly, with over US$24.0 billion of assets held indirectly through subsidiary investments.

Our Values                                                                                                                                                                 

Building business with integrity                            PRI Sig White.png

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Independence & Integrity

ICM is run as an independent investment firm committed to intellectual consistency and best practices, whilst focused on achieving superior results.

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Excellence

ICM looks to establish a challenging and rewarding environment for its employees, and to deliver excellence in its service to clients. We seek out value and reward hard work, innovation, and performance.

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Creativity & Innovation

ICM champions innovative thinking to continually challenge, generate solutions and create value in our investments.

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Accountability

ICM works in accordance with our values, holding all accountable to accept personal responsibility to act conscientiously and considerately to colleagues, clients, the companies with whom we work, and to the local and global communities.

Our philosophy

Focused on long term growth 

ICM is an investment group built on a philosophy of value creation, vision and innovation. Its mission is to achieve long-term total returns for its clients. ICM's focused investment processes identify both value and growth opportunities which are not reflected in the market price, and it sees value in the intersection of evaluating traditional financial measures alongside sustainability measures. ICM's deep and extensive understanding of the companies, sectors and markets in which it invests in moderates its risk and amplifies returns. 

Sustainable investing means incorporating ESG factors to assess companies and assets alongside with more traditional financial factors. This MSCI research completed in 2017 showed companies with higher ESG ratings are linked with higher profitability and lower tail risk.

ICM Limited is a signatory to the UN-supported Principles of Responsible Investment (“PRI”), which encompasses a voluntary set of six principles to incorporate ESG into investment practice. Alongside this, ICM leverages its membership of the Asian Corporate Governance Association (“ACGA”). ACGA is an independent, non-profit organisation which works with investors, companies and regulators in the implementation of effective corporate governance practices throughout Asia, where ICM has a significant number of investments.

ICM has investments and portfolio companies ranging from fixed income bonds, listed and private equity, and property, across sectors including financial services, fixed income, mining and resources, mobility, digital assets, technology, and utilities and infrastructure.

ICM continually looks for compelling investment opportunities, and it thrives on market imperfections based on years of experience in investments and investment processes. ICM values its experienced management teams and encourages well researched, fact based investments. Its staff are professional and dedicated, and maintain strong disciplines and integrity. ICM has a long-term fundamental approach, with deep sector expertise and local relationships. It seeks to work with investee companies to enable them to grow and develop their businesses, and create value for all investors.

News archive 

Learn more about ICM

Date 20 May 2022
Title Somers Limited Q2 2022 Financial Results
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Date 09 Mar 2022
Title Utilico Emerging Markets: CEO Charles Jillings discusses whether China really an emerging market - interview by Richard Hunter
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Date 09 Mar 2022
Title UIL Limited: Half Yearly Report for the six months ended 31 December 2021
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Date 09 Mar 2022
Title Zeta Resources: Half Year Report for the six months ended 31 December 2021 shows net assets of US$232.4m, up 5.5%
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Date 19 Jan 2022
Title ICM Foundation: Nik Kafka, CEO Teach a man to fish recipient of Charles Bronfman Prize
Document 0.3MB
Date 19 Jan 2022
Title Somers Limited 2021 Annual Report announced a record year with profit of $197.8 million
Document 4.0MB
Date 20 Oct 2021
Title Resimac Group 2021 Annual Report shows a 92.5% increase in Profit After Tax of $107.8m
Date 24 Sep 2021
Title UIL Limited: 2021 Full Year Financial Report recording a Net Asset Value increase of 47.4% on the previous period
Document 8.6MB
Date 24 Sep 2021
Title Zeta Resources 2021 Annual Report shows record profit of $114.7m
Document 5.7MB
Date 26 Aug 2021
Title Zeta Resources Limited: Preliminary Final Report shows Net Profit of $114.7m, up 612%
Document 0.4MB
Date 18 Aug 2021
Title Somers Limited: Q3 Financial Results show record net income of $262.7m
Document 0.7MB
Date 23 Jul 2021
Title UIL Limited: Investment in Novareum Blockchain Asset Fund
Document 0.1MB
Date 22 Jul 2021
Title Somers Limited: Sale of Bermuda Commercial Bank Limited
Document 0.2MB
Date 22 Jun 2021
Title Utilico Emerging Markets Trust: 2021 Full Year Financial Report records a NAV total return per share of 30.2%
Document 5.7MB
Date 11 Jun 2021
Title Teach A Man To Fish: School Enterprise Challenge 2020 Report
Document 1.6MB
Date 04 Jun 2021
Title ICM mobility group announces acquisition of unwire
Document 0.1MB
Date 21 May 2021
Title Somers Limited reports record net income of US$203.1m for the first half of the year
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Date 11 May 2021
Title ICM becomes a signatory to the United Nations Principles for Responsible Investment
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Date 07 May 2021
Title Resimac Group settles non-bank A$1.0 billion RMBS deal
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Date 26 Feb 2021
Title Zeta Resources Half Year Results show net assets of $106.5m, up 106%
Document 0.3MB
Date 25 Feb 2021
Title Resimac Group Half Year 2021 results show an 88% increase in Net Profit After Tax of $50.5m
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Date 22 Feb 2021
Title UIL Half Yearly Report shows NAV Total Return of 22.0%
Document 0.3MB
Date 16 Feb 2021
Title Somers Q1 Financial Results show record US$190m profit
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Date 21 Jan 2021
Title Resimac Group exercises call option with IA Group
Document 0.1MB
Date 18 Jan 2021
Title Somers NAV Announcement
Document 0.2MB
Date 31 Dec 2020
Title Somers Annual Report
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Date 22 Dec 2020
Title Utilico Emerging Markets Trust: featured in What Investments Trust Supplement
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Date 22 Dec 2020
Title Utilico Emerging Markets Trust unconstrained by benchmark allocations - What Investment article
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Date 15 Dec 2020
Title Somers Limited: Q4 2020 Financial Results
Document 0.2MB
Date 01 Dec 2020
Title Utilico Emerging Markets Trust: Morningstar Article UEM reports net asset value per share up 10% on prior year
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Date 27 Nov 2020
Title Utilico Emerging Markets Trust: Interactive Investor article on 2020 Half Year results announcement
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Date 27 Nov 2020
Title Utilico Emerging Markets Trust: Half-Yearly Financial Report for the six months to 30 September 2020
Document 7.7MB
Date 26 Nov 2020
Title Zeta Resources: Chairman's Address to AGM
Document 0.1MB
Date 20 Nov 2020
Title Somers Limited: Sale of Bermuda Commercial Bank
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Date 30 Oct 2020
Title UIL Limited: Redemption of 2020 ZDP Shares
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Date 28 Oct 2020
Title UIL Limited: 2020 Annual Financial Report
Document 10.2MB
Date 21 Oct 2020
Title UIL Limited: Sale of Ascendant Group Limited
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Date 19 Oct 2020
Title Resimac wins Non-Bank of the Year at Australian Mortgage Awards 2020
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Date 01 Oct 2020
Title Zeta Resources: 2020 Annual Report
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Date 10 Sep 2020
Title Zeta Resources: Bonus Issue of Options
Document 0.1MB
Date 01 Sep 2020
Title Somers Limited Q3 2020 Financial Results
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Date 27 Aug 2020
Title Resimac: 2020 Results Presentation
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Date 27 Aug 2020
Title Zeta Resources: Preliminary Final Report
Document 0.4MB
Date 26 Jun 2020
Title Waverton Investment Management wins Money Observer Fund Awards 2020: Sterling Bonds winner
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Date 20 Jun 2020
Title Utilico Emerging Markets Trust: 2020 Full Year Financial Report
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Date 24 Feb 2020
Title Somers Limited: Update on Sale of Bermuda Commercial Bank
Document 0.2MB
Date 24 Jan 2020
Title UIL Limited: WEX signs agreement to acquire Optal
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Date 24 Feb 2020
Title UIL Limited: 2019 Half Year Financial Report
Document 3.8MB
Date 12 Feb 2020
Title Zeta Resources: Half Yearly Report and Accounts
Document 1.0MB
Date 27 Dec 2019
Title Somers Limited: 2019 Annual Report
Document 3.0MB
Date 19 Dec 2019
Title UIL Limited: Edison interview with Charles Jillings
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Date 19 Dec 2019
Title Utilico Emerging Markets Trust: Half Year Results to 30 September 2019
Document 3.8MB
Date 19 Dec 2019
Title UIL Limited: 2019 Full Year Financial Report
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Date 26 Aug 2019
Title Zeta Resources 2019 Annual Report
Document 4.5MB
Date 26 Jun 2019
Title Utilico Emerging Markets Trust: 2019 Full Year Financial Report
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Date 04 Jun 2019
Title Bermuda First Investment Company: Proposed Sale of Ascendant Group Ltd
Document 0.2MB
Date 25 Feb 2019
Title Resimac Group Ltd: Half Year Results Presentation
Document 2.0MB
Date 13 Feb 2019
Title Somers Ltd: Sale of Stockdale Securities Ltd
Document 0.1MB
Date 05 Feb 2019
Title Somers Ltd: Sale of Bermuda Commercial Bank
Document 0.1MB
Date 01 Feb 2019
Title Utilico Emerging Markets Trust: Fund of the Week article
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Date 05 Jan 2019
Title Utilico Emerging Markets Trust: Emerging Markets article
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Date 01 Feb 2019
Title Somers Ltd: 2018 Full Year Results Announcement
Document 0.2MB
Date 01 Feb 2019
Title Utilico Emerging Markets Trust: Half Yearly Financial Report
Document 1.3MB
Date 01 Feb 2019
Title Somers Ltd: Sale of investment in Merrion Capital Holdings Limited
Document 0.4MB
Date 06 Nov 2018
Title UIL Finance Ltd: Cancellation of ZDPs held by UIL Ltd
Document 0.1MB
Date 06 Nov 2018
Title Zeta Resources Ltd: 2018 Annual Report
Document 1.9MB
Date 06 Nov 2018
Title UIL Ltd: 2018 Annual Financial Report
Document 2.2MB
Date 06 Nov 2018
Title Homeloans Ltd: 2018 Full Year Results
Document 0.3MB
Date 06 Nov 2018
Title Resolute Mining Ltd: 2018 Diggers & Dealers Presentation
Document 8.3MB
Date 06 Nov 2018
Title Utilico Emerging Markets Ltd: 2018 Annual Financial Report
Document 0.3MB
Date 06 Nov 2018
Title Homeloans Ltd: 2018 Half Year Results Presentation
Document 4.4MB
Date 06 Nov 2018
Title Utilico Emerging Markets Trust: Completion of Redomicile
Document 0.6MB
Date 06 Nov 2018
Title Panoramic Resources: 2018 Euroz Presentation
Document 3.8MB
Date 06 Nov 2018
Title Bermuda Commercial Bank: 2016-2017 Annual Report
Document 1.9MB
Date 06 Nov 2018
Title UIL Limited: 2018 Interim Report
Document 0.4MB
Date 06 Nov 2018
Title Homeloans Ltd: 2018 Half Year Results
Document 4.4MB
Date 06 Nov 2018
Title Zeta Resources Limited: 2018 Interim Report
Document 1.0MB
Date 22 Feb 2018
Title Resolute Mining Ltd: 2018 Half Year Results
Document 0.3MB
Date 08 Nov 2018
Title Infratil Investors Day 2015 presentations
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Date 08 Nov 2018
Title UEM wins Global Emerging Markets Investment Trust award
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Date 08 Nov 2018
Title Cohort Solutions Goes Global
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Date 07 Nov 2018
Title Bermuda First Investment Company: Annual Report 2015
Document 2.3MB
Date 07 Nov 2018
Title Utilico Emerging Markets: Interim Report
Document 0.3MB
Date 07 Nov 2018
Title Utilico Emerging Markets: Westhouse Report
Document 0.5MB
Date 07 Nov 2018
Title Ascendant Group Ltd: 2015 Six-Month Report
Document 1.1MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Voluntary Debt Repayments
Document 2.4MB
Date 07 Nov 2018
Title Zeta Resources Ltd: 2015 Annual Report
Document 4.0MB
Date 07 Nov 2018
Title Utilico Emerging Markets Ltd Share Buyback
Document 0.1MB
Date 07 Nov 2018
Title KeyTech & Cell One to Combine Operations
Document 0.0MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Preliminary Final Report
Document 1.0MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Reserves & Resources Statement
Document 0.4MB
Date 07 Nov 2018
Title Panoramic: Savannah Resources Grow
Document 1.2MB
Date 07 Nov 2018
Title Ascot Lloyd PFP acquisition
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Date 07 Nov 2018
Title Resolute Mining Ltd: CEO Presentation at Diggers & Dealers
Document 2.7MB
Date 07 Nov 2018
Title Vix Technology wins $27 million contract
Document 0.4MB
Date 07 Nov 2018
Title 21 July 2015 Utilico Investments Limited Share Repurchases
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Date 07 Nov 2018
Title 17 July 2015 Utilico Investments Limited Share Repurchases
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Date 07 Nov 2018
Title 16 July 2015 Utilico Investments Limited Share Repurchases
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Date 07 Nov 2018
Title ICM announces sponsorship of the Bermuda Olympic Team
Document 0.3MB
Date 07 Nov 2018
Title Utilico Emerging Markets Annual Report
Document 2.0MB
Date 07 Nov 2018
Title Somers Ltd Financial Results March 2015
Document 0.6MB
Date 07 Nov 2018
Title Private & Commercial Finance Group Preliminary Results
Document 0.1MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Underground Development at Syama
Document 0.9MB
Date 07 Nov 2018
Title Waverton: Appointment of new Chief Executive
Document 0.8MB
Date 07 Nov 2018
Title Zeta Quarterly Report
Document 0.5MB
Date 07 Nov 2018
Title Zeta Energy Offer for Pan Pacific Petroleum
Document 0.4MB
Date 07 Nov 2018
Title Touchcorp IPO
Document 6.5MB
Date 07 Nov 2018
Title Westhouse Appoints Andrew Crossley
Document 0.3MB
Date 07 Nov 2018
Title UEM Westhouse Brokers note
Document 1.0MB
Date 07 Nov 2018
Title Private & Commercial Finance Group: Positive Trading Update
Document 0.5MB
Date 07 Nov 2018
Title Resolute Ltd: Ravenswood Expansion Project Announcement
Document 2.4MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Dividend Announcement
Document 0.4MB
Date 07 Nov 2018
Title New Zealand Oil & Gas: 2016 Annual Results
Document 0.2MB
Date 07 Nov 2018
Title Duncan Saville joins Cue Energy Board
Document 0.1MB
Date 07 Nov 2018
Title Retirement of Duncan Saville from the Infratil Board
Document 0.2MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Diggers & Dealers Presentation
Document 5.0MB
Date 07 Nov 2018
Title Ascot Lloyd acquires Harvard Financial Management
Document 0.4MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Record $213m Net Profit
Document 0.3MB
Date 07 Nov 2018
Title UIL Ltd: Infratil Awarded ANU Contract
Document 0.1MB
Date 07 Nov 2018
Title Utilico Emerging Markets Ltd: Edison Review
Document 0.5MB
Date 07 Nov 2018
Title UIL Ltd: Sale of 2022 ZDPs
Document 0.0MB
Date 07 Nov 2018
Title UIL Ltd: Placing of new 2022 ZDP shares
Document 0.4MB
Date 07 Nov 2018
Title UIL Finance Ltd: ZDP Shares Prospectus
Document 1.0MB
Date 07 Nov 2018
Title UIL Ltd: Recommended Proposal for Further Investment in Somers Ltd
Document 0.1MB
Date 07 Nov 2018
Title KeyTech Ltd & CellOne Create New Telecommunications Offering
Document 0.2MB
Date 07 Nov 2018
Title Touchcorp Ltd: Afterpay Holdings Ltd Listing on ASX
Document 0.2MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Quarterly Activities Report
Document 1.2MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Early Redemption of Convertible Notes
Document 1.9MB
Date 07 Nov 2018
Title Harlequin FC Bond: Invitation Brochure
Document 5.0MB
Date 07 Nov 2018
Title ICM and Food Ladder Partnership
Document 0.1MB
Date 07 Nov 2018
Title Stockdale Securities: Management Update
Document 0.2MB
Date 07 Nov 2018
Title School Enterprise Challenge: Annual Report 2015
Document 2.9MB
Date 07 Nov 2018
Title Resolute Mining Ltd: Half Year Results 2016
Document 0.8MB
Date 07 Nov 2018
Title Zeta Resources Limited: Interim Report
Document 0.8MB
Date 07 Nov 2018
Title Bermuda Commercial Bank: Annual Report 2015
Document 1.7MB
Date 07 Nov 2018
Title Somers Limited: Annual Report 2015
Document 1.5MB
Date 07 Nov 2018
Title Utilico Emerging Markets: Edison Review
Document 0.4MB
Date 07 Nov 2018
Title Resolute Mining Ltd Indaba 2016
Document 3.4MB
Date 07 Nov 2018
Title Somers Ltd: 2017 Annual Report
Document 11.5MB
Date 07 Nov 2018
Title Resolute Mining Ltd: 2017 Annual Report
Document 6.5MB
Date 07 Nov 2018
Title Zeta Resources: 2017 Audited Financial Report
Document 1.6MB
Date 07 Nov 2018
Title Panoramic Resources: 2017 Financial Results
Document 0.4MB
Date 07 Nov 2018
Title New Zealand Oil & Gas: 2017 Annual Results
Document 0.0MB
Date 07 Nov 2018
Title Pan Pacific Petroleum: 2017 Annual Report
Document 1.1MB
Date 07 Nov 2018
Title Homeloans Ltd: 2017 Financial Results
Document 0.8MB
Date 07 Nov 2018
Title Somers Ltd: Q3 2017 Financial Results
Document 0.7MB
Date 07 Nov 2018
Title Resolute Mining Ltd: 2017 Unaudited Financial Results
Document 0.4MB
Date 07 Nov 2018
Title Utilico Emerging Markets: Edison Note
Document 0.3MB
Date 07 Nov 2018
Title Somers Ltd: Sale of Interest in Ascot Lloyd
Document 0.4MB
Date 07 Nov 2018
Title Utilico Emerging Markets: Stockdale Report
Document 0.8MB
Date 07 Nov 2018
Title Somers Ltd: Half Year 2017 Financial Results
Document 0.7MB
Date 07 Nov 2018
Title Somers Ltd: Bonus Warrant Announcement
Document 0.6MB
Date 07 Nov 2018
Title Utilico Emerging Markets: 2017 Annual Report
Document 2.5MB
Date 07 Nov 2018
Title Afterpay Holdings Ltd: Business Update
Document 0.4MB
Date 07 Nov 2018
Title Homeloans Ltd: Half Year 2017 Financial Results
Document 0.5MB
Date 07 Nov 2018
Title Touchcorp Ltd: Announcement for Proposed Merger with Afterpay Holdings Ltd
Document 0.3MB
Date 07 Nov 2018
Title Homeloans Ltd: Interim Financials Results Investor Presentation
Document 1.4MB
Date 07 Nov 2018
Title Bermuda First Investment Company: 2016 Financial Results
Document 0.1MB
Date 07 Nov 2018
Title Somers Ltd: 2016 Annual Report
Document 7.2MB
Date 07 Nov 2018
Title KeyTech Ltd: Six Month Report to Sept 2016
Document 2.5MB
Date 12 Jun 2017
Title Utilico Emerging Markets: Net Asset Value Article
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