In a surprise move, Andrew Formica, the Chief Executive Officer (CEO) of London-based Jupiter Fund Management plc, has resigned from his position. Chief Investment Officer Matthew Beasley will take over as the company’s new CEO. Looks like Formica left papers to rest and not join another fund management giant.
“I just want to sit on the beach and do nothing. I’m not thinking about anything else,” Formica said in an interview with Bloomberg.
Formica joined Jupiter in 2019 and will now step down as the company’s CEO and director on October 1. In its formal announcement, the company said that Formica decided to leave for personal reasons. It said the 51-year-old wants to spend time with his family and relocate with them to his native Australia.
Jupiter announced that Formica will continue to operate until June 30, 2023, to ensure the company’s smooth leadership transition and assist with strategic objectives.
Formica has over 27 years of experience in the investment management industry and is a qualified actuarial in both the UK and Australia. Prior to joining Jupiter in 2019, he held other key positions. Formica has been the CEO of Henderson Global Investors, where she also served as Head of Equity and Equity Fund Manager.
His successor, Matthew Beasley, meanwhile, joined Jupiter in January 2022 and took over as chief investment officer. Prior to this, Beasley was the Chief Investment Officer of Artemis Investment Management. He also served as Head of Investments and Head of Equities at GAM Investments and Head of Global Equities at Henderson Global Investors.
According to a report in the Financial Times, Jupiter is currently struggling with an exodus of clients. Formica previously said last year was a “challenging” one for Jupiter, but stressed that the company had the right foundation to deal with the issues.
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