One of the three co-managers and the chair of the £550m Polar Capital Global Financials are stepping down from their roles.

In a London Stock Exchange announcement, the board of the trust said John Yakas will be retiring from Polar Capital by the end of June and stepping back to an advisory role. The portfolio will continue to be managed by Nick Brind and George Barrow.

"John's expertise and views on the financials sector along with his affable character will be missed," the board said. 

"The remaining team responsible for the management of the company's portfolio has significant experience of investing in the financials sector having grown from three to five since the company's inception in 2013 along with a significant growth in the assets."

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Brind has managed the portfolio since inception and Barrow has been part of the team since 2008 and was named co-manager in 2019.

The trust's chair since the inception of the company in 2013, Robert Kyprianou, will also be retiring and stepping down from the board at the Annual General Meeting held at the end of March. 

He will be succeeded by Simon Cordery, who had been a non-executive director at the trust since July 2019.

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Cordery commented: "I would like to thank Robert for all his hard work and guidance over the past few years; he has been an inspirational leader from whom I have learned so much.

"I look forward to taking over the reins and working with my colleagues as we enter the next stage of the Company's journey."

Kyprianou added: "My stepping down from the Board marks the end of our two year succession plan.

I leave with many fond memories of the company's first 10 years of its life and, with the orderly transition to a new board under Simon's leadership completed, I am confident it will benefit from successful stewardship going forward."