Yakas will step down on June 30 this year and will remain with the company in an advisory role, Polar Capital said in a statement to the stock exchange this morning (February 14).
He joined Polar Capital when it acquired HIM Capital, formerly Hiscox Investment Management in 2010, and co-runs the firm’s Financial Opportunities and Income Opportunities funds as well as the Global Financials Trust.
“John's expertise and views on the financials sector along with his affable character will be missed,” the company said.
The chair of the trust, Robert Kyprianou, is also stepping down after 10 years.
Kyprianou will be replaced by Simon Cordery in March this year. Cordery has been a non-executive director of the £547mn trust since 2019.
Kyprianou said: “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.”
The board and Cordery thanked Kyprianou for his work.
“Robert has steered the board through many challenges over the past 10 years, bringing his steady calm, good humour and knowledge of the global financials sector to the task,” the board added.
“With Simon stepping up to chair the company we now look forward to the next stage in the company's life.”