It’s all change at Polar Capital Global Financials (PCFT ) which has announced the upcoming retirements of co-manager John Yakas and chairman Robert Kyprianou.

Yakas (below) will step back from fund manager Polar Capital at the end of June after a 12-year stint at the asset manager and nearly a decade on the trust which launched in July 2013. He will leave the £554m financials portfolio in the hands of co-managers Nick Brind and George Barrow but will retain an advisory role.

Yakas’ 30-year career saw him work at Hiscox Investment Management, Fox-Pitt Kelton (FPK) as head of Asian research and as a banker in Hong Kong with HSBC.

Kyprianou, who has chaired PCFT since its flotation, said: ‘John’s expertise and views on the financials sector along with his affable character will be missed.’

Numis Securities analyst Gavin Trodd did not expect his departure to lead to a change in approach at a trust that has underperformed its index since launch. An underlying 125.5% total return on net assets has trailed the 168.7% total return form the MSCI World Financials index, the broker said. The shares yield 2.8% and trade at a 6% discount below net asset value.

‘The team is well resourced, with five members focusing solely on financials. Therefore, we expect the transition to be smooth,’ Trodd said.

Kyprianou (pictured below), former head of fixed income at AXA Investment Managers and a Citywire columnist, is also stepping down next month.

In a statement the board praised his ‘dedication and enthusiasm’ and oversight of the trust’s reconstruction in 2020. As it approached the end of its seven-year term, shareholders voted to make PCFT a permanent life fund subject to a five-yearly continuation vote.

‘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,’ his fellow non-executives said.

He will be replaced by Simon Cordery, former head of investor relations and sales at BMO Global Asset Management, who joined the board in July 2019.