Emerging Markets Limited

investment company of the year
best diversified emerging market trust
Top 100
Top 100
investment company of the year
Share price: 186.75p change 2.25 18/04/2014 17:36:01 (15 minute delay)


The Board has overall responsibility for the Company’s activities and the determination of its investment policy and strategy. The Company’s investment portfolio is managed by ICM Ltd who is responsible for implementing the policies laid down by the Board.

The Directors of the Company, who, are all non-executive, are:

Alexander Zagoreos (Chairman)

Appointed on 14 June 2005, was educated at Columbia University and was awarded a BA, MBA, and Masters degree in International Affairs. He is Chairman of the Company and the Company's Management Engagement Committee. He is senior adviser of Lazard Asset Management, where he was formerly responsible for emerging market products and closed-end investment companies. He has over 40 years of investment experience. He is currently Chairman of the Alpha Andromeda Trust and Taiwan Opportunities fund and Director of The World Trust Fund and ProBank (Athens) and formerly manager of Lazard Emerging World Investors LP., and is on the boards of a number of investment companies and charitable organisations.

Garry Madeiros OBE

Appointed on 19 June 2007, was formerly president and Chief Executive Officer of BELCO Holdings Limited (now named Ascendant Group Limited) and Bermuda Electric Light Company Limited. He is a director of BF&M Limited and BF&M Life Insurance Company. He is a Chartered Accountant, Chairman of the Company’s Audit Committee and he has served on a number of corporate, community and Government boards. His is a Justice of the Peace and a fellow of the Bermuda Institute of Chartered Accountants.

Anthony Muh

Appointed in October 2010, is an investment professional with more than 25 years' experience in the investment management industry. He is an executive director of H.R.L. Morrison & Co. He is also Chairman of JIDA Capital Partners Limited and a director of a number of its subsidiary companies in China. He previously headed up the Asia Pacific operations of Alliance Trust PLC and had also spent over 10 years as Asia Pacific chief investment officer at Citigroup Asset Management. He is the immediate past Chairman and a Fellow of the Hong Kong Securities Institute and a member of the Asia Advisory Board for Euromoney Institutional Investor Plc and is a Council member of Asia Corporate Governance Association.

Kevin O’Connor (Deputy Chairman)

Appointed on 14 June 2005, was formerly the chairman of Infratil Limited, a New Zealand based specialist investor in international infrastructure and utility assets. He is Chairman of the Company’s Remuneration Committee. Previously he had a 35 year career in investment banking and stock broking with Daysh Renouf & Co and O’Connor Grieve & Co amongst others. He was a member of the New Zealand Takeovers Panel for 15 years. He is involved with a number of charitable bodies.

Susan Hansen

Appointed 23 September 2013, is a chartered accountant and MBA graduate and has worked in financial services since 1980. She has previous experience in chartered accountancy and investment banking, and is a director of RESIMAC Limited, a securitisation company, as well as a director of Cognitive Education Limited, a registered Not For Profit organisation in New Zealand. She is a member of the Institute of Chartered Accountants in Australia. Mrs Hansen was a director of Utilico Investments Limited, and has stood down from that board with effect from 17 September 2013.

All of the Directors are independent of the Investment Manager.