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UIL
UIL Limited is a Bermuda closed-end investment company managed by ICM Limited, holding a concentrated portfolio anchored by Somers Limited.
UIL
UIL Limited was incorporated in Bermuda in 2007 as a closed-end investment company, managed by ICM Limited and ICM Investment Management Limited. The firm's structure provides permanent capital, eliminating the asset-liability matching pressures faced by open-ended funds. Charles Harman serves as Chairman, with Christopher Samuel on the board, both long-tenured figures in the London-listed investment trust ecosystem. UIL deploys capital across a deliberately broad mandate spanning public equities, private investments, and specialist credit. The portfolio is dominated by a concentrated position in Somers Limited, a Bermuda-based financial services holding company, alongside investments in Resimac Group, an Australian non-bank lender. The firm also holds exposure to infrastructure and energy transition assets through various listed and unlisted vehicles, with geographic concentration in Australia, the United Kingdom, and Bermuda. The firm reported total assets of approximately £438 million as of its 2024 interim results. In September 2024, UIL completed a share buyback program, repurchasing 1.2 million ordinary shares at a discount to net asset value — a capital allocation decision that signals management's view on intrinsic value. The firm maintains listings on both the London Stock Exchange and the Bermuda Stock Exchange. UIL's structural differentiator lies in its permanent capital vehicle and the deep cross-shareholding relationship with Somers Limited, which itself holds a significant stake in UIL. This interlocking ownership creates a mutual commitment between the manager and the investment company that is unusual among London-listed investment trusts and aligns capital allocation with very long-duration thinking.
General information
Firm type
Generalist
Year founded
2007
AUM
Undisclosed
Location
Region
North America
Country
Bermuda
City
Hamilton
Corporate office
Hamilton, Bermuda
Principals
Charles Harman
Chairman
Christopher Samuel
Director
Sector focus
Frequently asked questions
Who manages the investment portfolio at UIL?
UIL's investment management is delegated to ICM Limited and ICM Investment Management Limited, which provide portfolio management and administrative services. Charles Harman chairs the board, providing oversight on strategic direction. ICM has managed UIL since its inception in 2007, creating continuity in the firm's investment philosophy.
What is UIL's relationship with Somers Limited?
Somers Limited is both UIL's largest portfolio holding and a significant shareholder in UIL itself, creating a cross-holding structure. Somers is a Bermuda-based financial services holding company with investments in banking, wealth management, and asset management. This interlocking ownership aligns the interests of both entities for the long term.
Is UIL primarily a public or private markets investor?
UIL maintains a generalist mandate that spans public equities, private investments, and specialist credit. The portfolio's largest position, Somers Limited, is a publicly traded entity, but UIL also holds unlisted investments across financial services, infrastructure, and energy transition. The firm does not disclose a fixed target allocation between public and private markets.
How does UIL's closed-end structure affect liquidity for investors?
As a closed-end investment company listed on the London Stock Exchange and the Bermuda Stock Exchange, investors buy and sell shares on the open market rather than redeeming directly from the fund. This permanent capital structure allows UIL to hold illiquid assets without facing redemption requests, but it also means shares can trade at a premium or discount to net asset value.
What is UIL's capital allocation strategy regarding share buybacks?
UIL has demonstrated a willingness to repurchase its own shares when they trade at a meaningful discount to net asset value. In September 2024, the firm repurchased 1.2 million ordinary shares, signaling management's view that the market undervalued the portfolio. This is consistent with the firm's focus on maximizing shareholder value per share over the long term.
Where are UIL's primary investments geographically concentrated?
UIL's portfolio has significant exposure to Australia, the United Kingdom, and Bermuda. The Australian exposure comes largely through Resimac Group, a non-bank lender, while the UK and Bermuda exposure flows through Somers Limited and various listed investment holdings. The firm does not maintain a rigid geographic allocation framework.
Does UIL have any restrictions on the asset classes it can invest in?
UIL's mandate is notably broad, with no publicly stated sector or asset-class restrictions. The firm has invested in financial services, infrastructure, energy transition, and specialist credit, and its closed-end structure permits it to hold assets that would be unsuitable for an open-ended fund. The board retains ultimate discretion over investment limits.
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