John Yakas (pictured), co-manager of the £550m Polar Capital Global Financials Trust, has announced his decision to retire at the end of June after 34 years in industry.
In an announcement to the stock exchange, the board of the trust confirmed the two other co-managers, Nick Brind and George Barrow, would continue to lead the portfolio moving forward.
Yakas joined the firm in 2010 and also manages the Polar Capital Financial Opportunities fund.
He previously held roles at HSBC and Him Capital. Upon retirement, Yakas will step back into an advisory role.
Meanwhile, the trust has appointed non-executive director Simon Cordery as chair following the retirement of founding director Robert Kyprianou.
Cordery spent 25 years at BMO Global, where he was most recently head of investor relations.
He said: “I’d 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.”
See also: Polar Capital opens Swiss office