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By Dominic Welling | Published Nov 03, 2009

Chief executive Mark Kary to resign from Polar Capital

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The firm said that Tim Woolley, currently executive director, and one of the two original founders of the business will take over as chief executive.

Mr Kary said that he wanted to pursue alternative career interests, but will remain with the company until the 31 December to assist in the transfer of his responsibilities.

His replacement, Tim Woolley, has extensive experience in the fund management industry.

He previously worked in technology fund management at Prolific and then at Henderson where, with Brian Ashford-Russell, he built a highly regarded global technology franchise.

Mr Woolley and Mr Ashford Russell left Henderson in 2001 when they founded Polar Capital.

Tom Bartlam, chairman of Polar Capital, said: "Mark joined the Company in 2005 and has made a most valuable contribution to its development during his time with the Company.

"On behalf of the Board, I would like to thank Mark for his great personal commitment to the Company and to wish him well for the future.

"I am pleased to announce that Tim Woolley is taking over the position of chief executive.

"Tim is exceptionally well placed to undertake the role; since establishing the Company in 2001 he has been actively involved in the successful management of the business and has a great track record in the industry."

Mr Kary added: "I have enjoyed my four and a half years at Polar Capital. We have together built a professional organisation that continues to be recognised for its investment pedigree. I leave the firm in good shape and feel confident of its continued future success."

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