The Investment Committee

ICU’s Investment Committee determines the firm’s investment strategy. The Investment Committee also approves all investment decisions, supervises trade execution and manages portfolio risk on an ongoing basis.

 

The  investment strategy is formulated through a top-down analysis of macroeconomic conditions and economic indicators from the key sectors overlaid with a bottom-up analysis of specific securities and investment opportunities.

The Investment Committee also establishes a range of outcomes, sets stop-loss levels and determines target position size. These targets are closely monitored at the individual position and portfolio level and rebalanced as needed

The Investment Committee Composition

Education

Makar is a CFA charter holder (2003). He holds a Bachelor's Degree in Business Administration from International Christian University (1997).


Language proficiencies

Makar speaks English, Russian and Ukrainian.

Makar Paseniuk

Managing Partner, Head of Investment Committee


With twenty years in corporate finance spanning local and international markets, Makar Paseniuk is one of the leading investment managers and corporate advisers in Central and Eastern Europe. As Managing Partner of ICU, Makar has led the development of a leading independent asset management, corporate advisory and private equity franchise in Ukraine. He has been instrumental in building a US$400m asset management business and completing US$5.5 billion worth of M&A, equity and debt capital markets and debt restructuring transactions.

Prior to joining ICU in 2009, Makar spent over a decade at ING Bank’s franchises in Ukraine and the United Kingdom, rising from equity analyst to Head of Securities Services to Managing Director and Head of Corporate Finance.

Makar has worked on numerous assignments throughout his career, including such landmark transactions as a US$2.7bn restructuring of Ukraine’s external debt (2001), the first Ukrainian initial public offering on London’ AIM stock exchange (XXI Century Holdings, 2005), the first Ukrainian initial public offering on Warsaw Stock Exchange (Astarta, 2006), the initial public offering of Kernel shares on the Warsaw Stock Exchange in 2007 that won ‘The Best IPO in the Countries of Central and Eastern Europe' award in 2011, a US$850m debt private and public debt restructuring (Donetsksteel, 2011), and a US$1.3bn corporate debt restructuring (Mriya, current).


Makar Paseniuk

Managing Partner, Head of Investment Committee

Education

Konstantin has a Master's Degree in Economic Cybernetics from Kharkiv National University.


Language proficiencies

Konstantin speaks English, Ukrainian, and Russian.

Konstantin Stetsenko

Managing Partner, Head of Sales and Trading, Member of Investment Committee


Konstantin Stetsenko has a successful track record in capital markets that spans sixteen years. Konstantin became Managing Partner of ICU in March 2008 and has been key to building an experienced, professional and industry-recognized team that has established ICU as the leading independent asset management, private equity and investment advisory firm in Central and Eastern Europe.

Prior to joining ICU, Konstantin was Head of Fixed Income Trading and Sales at ING Bank Ukraine leading the franchise to secure undisputed number one positions in primary and secondary domestic debt markets. Konstantin joined ING Bank Ukraine in 2005 from UkrSibBank where he was Head of Fixed Income Trading and Sales.

Konstantin has been instrumental in rolling out the asset management and fixed income trading businesses that have ICU international accolades such as Best Total Return Active Investment Portfolio in 2016 (World Finance), Best Performing Fixed Income Fund in Ukraine in 2008 – 2016 (Investfunds), Top-3 Asset Manager in Ukraine by Assets under management 2008 – 2016 (Investfunds), Best Investment Management Company in Ukraine in 2012 (World Finance) and Second Best Performing Multi-strategy Fund in the World in 2012 (Bloomberg).


Konstantin Stetsenko

Managing Partner, Head of Sales and Trading, Member of Investment Committee

Education

Alexander graduated from Vinnitsa Polytechnic Institute with a degree in Electrical Engineering. He also graduated from the International Personnel Management Academy with a degree in Banking.


Language proficiencies

Alexander speaks Ukrainian, English and Russian.

Alexander Valchyshen

Head of Research, Member of Investment Committee


As ICU’s Head of Research, Alexander’s direct areas of expertise include macroeconomic analytics, bonds and foreign exchange markets.

Under his leadership, the ICU research team have been consistently recognized as one of the leading research teams in Ukraine, receiving multiple awards including Best Fixed-Income Research Team in 2010-11 by Cbonds.

Prior to joining ICU in 2008, Alexander was the Head of Research at ING Bank Ukraine.He has also been a member of the Debt and Banking Research Committee at USFA since 2005 as well as a member of the Ukrainian Society of Financial Analysts (USFA) Executive Committee.


Contacts

e-mail: alexander.valchyshen@icu.ua

Alexander Valchyshen

Head of Research, Member of Investment Committee

Education

Dmitry graduated from Gordon S. Marshall School of Business, University of Southern California.


Language proficiencies

He speaks English, Ukrainian and Russian. 

Dmytro Nedelchev

Risk Management, Member of Investment Committee


Dmitry’s area of expertise includes the systematic search for the company's business areas that require risk management, risk monitoring or further identification of potential problems. 

Dmitry's team uses complex models to render the economic risk value (VaR), estimated risk adjustments, constant position, limits, and resolution determination/ All positions are being monitored and presented to the Board daily. 

Before joining ICU, Dmitry worked at PIMCO's (California) main office at the asset management and global strategies department. 


Contacts

dmitri.nedelchev@icu.ua

Dmytro Nedelchev

Risk Management, Member of Investment Committee