Chair Succession and Manager Update

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 Chairman:     Robert Kyprianou Chair Elect:                         Simon Cordery Company Secretary:         Tracey Lago, FCG Tel: [phone]

Polar Capital LLP - Investment Manager Co-manager:   Nick Brind Co-manager:  George Barrow Sales:                   John "Reg" Regnier-Wilson Tel: [phone]

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, SimonCordery appointed as Chair.

 

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