Polar Capital Global - Chair Succession and Manager Update
14/02/2023 07:00
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RNS Number : 7887P Polar Capital Global Financials Tst 14 February 2023
14 February 2023
POLAR CAPITAL GLOBAL FINANCIALS TRUST PLC
LEI: 549300G5SWN8EP2P4U41
Board Succession
The Board of Polar Capital Global Financials Trust PLC ('the 'Company') is
pleased to announce the appointment of Simon Cordery to the role of Chairman
of the Company with effect from 30 March 2023. Simon has been a non-executive
Director of the Company since 1 July 2019.
The Company was launched in 2013 and the process for Board succession of the
three founding directors has been carried out in stages, with the final stage
being the succession of the Chairman. Robert Kyprianou was appointed as
Chairman on launch of the Company and will step down from the Board at the
Annual General Meeting to be held on 30 March 2023, when he will be succeeded
by Simon.
The Board of the Company commented 'Robert has led the Company and the Board
with compassion, dedication and enthusiasm, keeping the interests of
Shareholders front and centre of decision-making. As Chairman, Robert oversaw
the successful reconstruction of the Company as it approached its end-of-life
fixed term in 2020 at the tumultuous onset of Covid, and its subsequent
growth. Robert has steered the Board through many challenges over the past ten
years, bringing his steady calm, good humour and knowledge of the global
financials sector to the task. With Simon stepping up to chair the Company we
now look forward to the next stage in the Company's life.'
Simon Cordery, Chair Elect commented '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.'
Robert Kyprianou, retiring Chairman, commented '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.'
Investment Manager Update
John Yakas, one of the three co-managers of the Company's portfolio will be
retiring from Polar Capital LLP (the Company's Investment Manager) with effect
from 30 June 2023 and stepping back to an advisory role. John's expertise and
views on the financials sector along with his affable character will be
missed. 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 for which they are responsible. The
portfolio will continue to be managed by Nick Brind and George Barrow. Nick
has managed the portfolio since inception while George has been part of the
team since 2008 and was named co-manager in 2019.
Contact details for queries:
Polar Capital Global Financials Trust plc Polar Capital LLP - Investment Manager
Chairman: Robert Kyprianou Co-manager: Nick Brind
Chair Elect: Simon Cordery Co-manager: George Barrow
Company Secretary: Tracey Lago, FCG Sales: John "Reg" Regnier-Wilson
Tel: 020 7227 2700 Tel: 020 7227 2700
Note to Editors:
Polar Capital Global Financials Trust Plc aims to select the best investment
opportunities from the world of financials. The investment team scours the
globe and actively invests in developed regions such as the US as well as
emerging economies and Asia. With a relatively low exposure to UK companies,
the Company could be a complementary holding to existing UK financial stocks.
Investing in a specialist sector such as financials requires an expert eye.
The five-strong team at Polar Capital invests solely in financials and has
done for many years. The culture at the firm is collegiate and, as such, the
managers are able to draw on the expertise of the wider investment teams at
Polar Capital, which includes a dedicated Global Insurance team.
The Company aims to deliver capital growth and income through dividends. A
feature of an investment trust is the ability to store income to facilitate
dividend payments during times when its underlying companies are unable to do
so. One example of this is during the COVID-19 pandemic when many financial
companies did not pay a dividend but PCFT maintained its own income payment.
Board Transition timeline:
June 2013 Company launch and founding
directors appointed;
July 2019 Simon Cordery
appointed as NED;
November 2021 Cecilia McAnulty appointed as NED
and Audit Chair Elect;
April 2022 Joanne Elliott
retired as NED and Audit Chair;
December 2022 Angela Henderson and Susie Arnott
appointed as NEDs;
Katrina Hart retired as NED; and
March 2023 Robert Kyprianou to
retire as Chairman, Simon Cordery appointed as Chair.
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