Education

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

Language proficiencies

Konstantin speaks English, Ukrainian, and Russian.

Konstantin Stetsenko

Founding Partner

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 Investment Bank in Ukraine in 2015-2018 (Cbonds), 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).

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

Founding Partner

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 restructuring and sale of Mriya farming assets to Salic UK in 2018.

Education

Grigoriy received an MBA cum laude from IBR, Steinbeis University in Berlin. He graduated from Ukrainian Academy of Foreign Trade and Kyiv Air Force Institute.

Language proficiencies

Grigoriy speaks English, Ukrainian, Russian and French.

Grigoriy Ovcharenko

Director
Head of Local Asset Management

Grigoriy Ovcharenko joined ICU in 2016 as Director, Head of Local Asset Management. In this role, he is responsible for all local asset management business including pension funds and cooperation with institutional investors.

Grigoriy has been leading asset management and marketing organizations for more than 20 years. Prior to joining ICU, he was the CEO of OTP Capital and a board member of OTP Pension for more than six years. From 2007 to 2010, he was the CEO of Socrat Asset Management. During his tenure, Socrat was recognized as the top asset management firm in Ukraine (Euromoney, 2008). From 2000 to 2007, he directed marketing efforts for Altadis as head of the Ukrainian representative office.

Grigoriy is a member of the Board of Ukrainian Association of Investment Business (UAIB) and chairs its public funds committee.

Contacts

e-mail: grigoriy.ovcharenko@icu.ua

Education

Inna graduated from the Kharkov Engineering-Economic Institute.

Language proficiencies

Inna speaks English, Ukrainian and Russian.

Inna Vedrynska

Funds Management Department Head

Inna has more than eighteen years of experience and joined the ICU team in January 2007.

From2001-2006, she worked as the head of the securities transaction accounting department at UkrSibbankand prior to that spent five years heading the investment trust department at Land Bank (Kharkiv). 

Contacts

e-mail: inna.vedrinskaya@icu.ua

Education

Liliya graduated from Kyiv International University with a Master's degree in International Economics. 

Language proficiencies

Liliya speaks English, Ukrainian and Russian.

Liliya Kubytovych

Head of Marketing and Sales

Liliya is responsible for all aspects of customer service at ICU, working closely with the business development department as well as the sales, research and operational units to support relationships with potential and existing clients.

Before joining ICU, Liliya was the Head of Local Securities Sales at Foyil Securities for four years, where she was responsible for managing customer acquisitions, client portfolio management, and of new investment product development.

Contacts

e-mail: liliya.kubytovych@icu.ua

Education

Ruslan holds a Master of Finance from Kyiv National University of Economics.

Language proficiencies

Ruslan speaks Ukrainian, English and Russian.

Ruslan Kilmukhametov

Director
Head of Debt Capital Markets

Ruslan Kilmukhametov is in charge of debt origination and covers financial institutions. While at ICU, he won the Best Underwriter Award in 2011 and the Deal of the Year on the Primary Bond Market in Ukraine in 2012. 

Ruslan has led bond issues for clients such as VTB, Prominvest bank (VEB), Credit Agricole, Pravex-bank (Intesa SanPaolo), ProCredit Bank, IMC Holding and Donetsksteel. 

Prior to joining ICU, Ruslan worked for UkrSibbank BNP Paribas Group as Head of Corporate Finance and was in charge of debt origination and corporate finance. Under his management, the team won numerous underwriting and lead manager awards. During his time at UkrSibbank, he completed over 70 transactions with a total value of over US$1.5bn.

Contacts

e-mail: ruslan.kilmukhametov@icu.ua

Education

Ivan holds a Bachelor’s degree in Romantic and Germanic Philology from Chernivtsi State University (1996).

Language proficiencies

Ivan is fluent in Ukrainian, English and Russian.

Ivan Shvydanenko

Director

Ivan Shvydanenko joined ICU in 2013. He has over 15 years of experience in investment banking and securities services..

Prior to joining ICU, Ivan worked for ING Bank in Ukraine in a variety of roles including Corporate Finance (2006-2012), Securities Services (2003-2006) and Internet Portal Financial Services (2000-2003).

Ivan has successfully worked on a number of private and public capital raising and M&A transactions in retail and wholesale trade, telecommunications, agriculture, metals and mining, and real estate. 

Contacts

e-mail: ivan.shvydanenko@icu.ua

Education

Roman received a BBA degree in Enterprise and IT Management from International Christian University (Kyiv-Vienna) in 1999. He qualified as a certified chartered accountant in 2002 (ACCA).

Language proficiencies

Roman speaks English, Ukrainian, Russian and has basic Polish skills.

Roman Nikitov

Director, Venture & Tech Investments

Roman Nikitov has more than 15 years of experience in investment banking and corporate finance.  He joined the ICU team from UniCredit, where he was headingled the Corporate Finance Advisory team in Ukraine. Prior to that, he served as a director in ING’s corporate finance team.

During his time at UniCredit and ING, Roman led and took part in significantly contributed to a number of major transactions. These included a private placement of Ukraine’s largest pharmaceuticals wholesaler, a leveraged buy-out and follow-on capital raise for one of the largest alcohol producers in Ukraine, the acquisition of a large Ukrainian hard cheese producer as well as a number of public offerings on the Warsaw Stock Exchange, among which was Ukraine’s largest vegetable oil producer.

Prior to joining ING, Roman worked at Ernst & Young in the audit department in Kyiv Kyiv from 1999 to 2003. In 2003, he moved before moving to the corporate finance department in Moscow to focus on M&A, project finance, and restructuring projects. He returned to Kyiv in 2005 to lead Ernst & Young’s Transaction Support department., executing financial analysis, pre-acquisition due-diligence and IPO documentation projects.

Contacts

e-mail: roman.nikitov@icu.ua

Education

Vitaliy has a MSc in Finance from Birkbeck College, University of London and graduated from NTU Kyiv Polytechnic Institute.

Language proficiencies

Vitaliy speaks Russian, English and Ukrainian.

Vitaliy Sivach

Trader, Fixed income and Forex

Vitaliy is an experienced trader in Ukrainian market instruments. He joined ICU in 2011 and is responsible for currency and Eurobond trading.

Prior to joining ICU, he was a trader at Millennium Capital. He began his career at Barclay's Capital and has also worked at JPMorgan in the exotic derivatives department.

Contacts

e-mail: vitaliy.sivach@icu.ua

Education

Yevgeniya graduated from the Kyiv National Trade and Economy University in 2009 with a major in Business Economics and holds a Master's degree in Entrepreneurial Economics and Economics.

Language proficiencies

Yevgeniya speaks English, Italian, Ukrainian and Russian.

Yevgeniya Gryshchenko

Head of brokerage services department

Yevgeniya works predominately on local debt securities trading, client advisory, trading operations support, cooperation with international exchanges, and client development.

Yevgeniya has five years of experience in the stock market. In early 2008, she launched her career at the Ukrainian Stock Centre (UFC) as a Securities Sales Specialist and was promoted to the Head of Sales in less than in a year.

Contacts

e-mail: yevgeniya.gryshchenko@icu.ua

Education

Andriy graduated from the Kyiv Institute of Investment Management with a degree in Finance.

Language proficiencies

Andriy speaks English, Ukrainian and Russian.

Andriy Velychko

Fixed Income Sales

­­Andriy has over a decade of experience in banking and finance. Prior to joining the ICU, he worked at Credit Agricole and UniСredit, in the private banking segment.

Since 2018, Andrey has been advising ICU’s clients on the selection of securities and supporting them throughout trading operations. 

Contacts

e-mail: andrey.velychko@icu.ua

Education

Sergiy graduated with honours from Kyiv National Agrarian University and received a master's degree in Enterprise Management.

Language proficiencies

Sergiy speaks English, Ukrainian and Russian.

Sergiy Dubovik

Fixed Income Sales

Sergiy has five years of experience in Sales & Trading. Before joining ICU, he worked in the IT sector where he developed client networks, and was responsible for corporate sales in the B2B segment.

Since 2019, Sergiy has been advising ICU’s clients on the selection of securities and supporting them throughout the trading process.

Contacts

e-mail: sergey.dubovik@icu.ua

Education

He holds a Master’s degree in Business Administration from the University of South Carolina. He is a graduate of Kharkiv State University (specialization in economic forecasting and planning).

Language proficiencies

Alexander speaks Ukrainian, English and Russian.

Alexander Martynenko

Head of Corporate Research

Alexander is responsible for analyzing and forecasting financial and operational performance of companies, with a focus on the industrial and non-banking sectors in Ukraine and other countries. He is also responsible for researching global macroeconomic trends and key commodity markets.

Alexander joined ICU in August 2010, bringing with him a five-year experience of analyzing Ukrainian metals, mining and machinery and a two-year experience of auditing the leading businesses of Ukraine’s financial and industrial sectors.

Prior to ICU, he was at PricewaterhouseCoopers. He has also previously worked at Foyil Securities, Troika Dialog and Bogdan Corporation.

Contacts

e-mail: alexander.martynenko@icu.ua

Education

Sergiy received a Master’s in Economics in 2004 at the Taras Shevchenko National University of Kyiv. He also holds a Ph.D. in Economics from this university.

Language proficiencies

Sergiy speaks Ukrainian, English and Russian.

Sergiy Nikolaychuk

Head of Macroeconomic Research

Sergiy is a top-class economist, author of a number of important researches in macroeconomics and monetary policy. At ICU Sergiy will focus on macroeconomic research products becoming more impactful and offering greater commercial value to corporate and institutional clients.

Prior to joining ICU, Sergiy was the Deputy Minister of the Ministry for Development of Economy, Trade and Agriculture of Ukraine where he was responsible for strengthening the analytical models of economic policy-making decisions, macroeconomic forecast and attracting investments into Ukrainian economy.

Before that, Sergiy spent 15 years at the National Bank of Ukraine where he started his career as an economist. He rose through the ranks and was promoted to a Director of the Monetary Policy and Economic Analysis Department.

Sergiy is a visiting lecturer and Research Fellow at the Kyiv School of Economics. He is also a visiting lecturer at the Taras Shevchenko National University of Kyiv

Contacts

e-mail: sergiy.nikolaychuk@icu.ua

Education

Taras graduated from Kiev State University of Trade and Economics and attended a number of short-term specialized programs at the Joint Vienna Institute (Austria). 

Language proficiencies

Taras speaks Ukrainian, English and Russian. 

Taras Kotovych

Senior Financial Analyst, Sovereign Debt

Taras is an expert on Ukrainian bond markets and Ukrainian sovereign debt. He regularly evaluates the risks associated with government debt payments and closely monitors other local debt markets, assessing their impact on government borrowing.

Prior to joining ICU, he Taras worked for more than twelve years at the Ministry of Finance of Ukraine in positions ranging from economist to department head.

Contacts

e-mail: taras.kotovych@icu.ua

Education

Mykhaylo earned a Master's degree in Economics from Central European University (Budapest, Hungary), and a Master of Finance from Ivan Franko Lviv National University.

Language proficiencies

Mykhaylo speaks Ukrainian, English and Russian.

Mykhaylo Demkiv

Financial Analyst

Mykhaylo joined the ICU team in 2013. He covers the Ukrainian banking sector, generating surveys and analytical reports that cover the industry as a whole and a number of the largest players.

Prior to joining ICU, he Mykhaylo was an auditor for Deloitte focused on Ukrainian bank accounting according to both local and international standards (IFRS).

Contacts

e-mail: mykhaylo.demkiv@icu.ua

Education

Olyana has a Bachelor’s and Master's Degrees in Law from Taras Shevchenko National University of Kyiv.

Language proficiencies

Olyana is fluent in English, Ukrainian and Russian.

Olyana Gordiyenko

Corporate Governance Advisor

Olyana Gordiyenko has a successful track record with over 20 years’ experience working in corporate governance roles and as corporate lawyer.

Prior to joining ICU, Olyana was an Associate Director in the Governance and Political Affairs pillar of the Economics, Policy and Governance department at EBRD. While at EBRD, Olyana has been voted one of the best lawyers of Ukraine amongst politicians, public servants and public figures in 2018 and 2019, according to the Ukrainian Women in Law rating, run by the Legal Newspaper (in Ukrainian - “Urydychna Praktyka”).

In September 2016 Olyana has been appointed as the Commissioner with the National Securities and Stock Market Commission. As the Commissioner, Olyana was leading the policy dialog around the principles of the corporate governance for joint-stock companies and public enforcement in this area. Olyana contributed to the reform of the corporate governance of the SOEs and was the main driver behind recent corporate law developments in Ukraine, including implementation of EU Take-Over Directive.

Before that, as a corporate/M&A partner with the top-tier international law firm Baker McKenzie, Olyana was leading a number of policy projects, including advising various state authorities (including the Ministry of Economic Development and Trade of Ukraine, State Property Fund of Ukraine) and international financial institutions on the legislative reforms in Ukraine.

Overall, Olyana’s legal background includes 15 years of experience advising local Ukrainian and international clients on M&A transactions, including English law governed cross-border deals and private equity transactions. Olyana also specialized in joint ventures and reorganizations and provided sound counsel on general corporate matters to blue chip companies, including state-owned enterprises in Ukraine. While at Baker McKenzie, Olyana and the practices led by her were consistently highly ranked by legal directories (IFLR, Legal 500, Chambers Legal) and awarded by the Legal Newspaper (in Ukrainian - “Urydychna Praktyka”).

Contacts

e-mail: olyana.gordiyenko@icu.ua

Education

Oleg holds a MBA from Eastern Ukrainian University and an Investment Manager degree from Kyiv Investment Management Institute. 

He is also certified by the National Securities and Stock Market Committee to provide securities trading, asset management and depository activities.

Language proficiencies

He is fluent in English, Ukrainian and Russian.

Oleg Medvedev

Director

Oleg Medvedev has been at ICU since the company was founded. In 2005-2006, he worked as a general director at Optima Capital AMC, Kyiv. For more than 7 years, from 1997 to 2005, headed ITT-Management AMC, Kyiv. 

Contacts

e-mail: oleg.medvedev@icu.ua

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

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

e-mail: dmitri.nedelchev@icu.ua

Education

In1998, she graduated from Kyiv International Financial University with an honorary diploma in Economics and later earned a MBA at IBR Business School (Germany). She also has a degree in medicine and endocrinology (1994).

Language proficiencies

She is fluent in Ukrainian, Russian and English.

Svitlana Korchynska

Chairman, JSC “BANK AVANGARD”

Svitlana joined JSC “BANK AVANGARD” in September 2013 as Chairman of the Management Board. 

Prior to joining Avantgard, Svitlana has more than seventeen years of experience in banking, including the following positions: Chief Accountant and CFO at ING Bank, Ukraine (1998-2001); Deputy Chairman of the Management Board/CFO at Bank NRB-Ukraine (2001-2006); Chairman of the Management Board at Energobank, Ukraine (2006-2009); First Deputy or the Chairman of the Management Board at Ukrainian Innovation Bank (2010-2013).  

With eighteen years of experience in financial management at Ukrainian and international banks, she has been responsible not only for finance but also for business re-engineering, business procedure optimization, implementation of automated banking systems, restructuring of portfolios, and the development and implementation of new modern banking products.

He is fluent in Ukrainian, English and Russian.

Contacts

e-mail: s.korchynska@avangardbank.com.ua