CEO Quits $68 Billion Firm To “Sit At The Beach And Do Nothing”

Andrew Formica, the Chief Executive Officer of Jupiter Fund Management Plc, a London-based fund house, startled everyone by suddenly leaving the service.

Mr Formica, who joined the $68 billion fund management firm in 2019, will retire on October 1, according to Bloomberg.

According to the report, Jupiter’s Chief Investment Officer, Matthew Beesley, would take over as CEO, and Mr Formica would step down as Director of the investment firm.

It was also stated that Mr Formica has decided to resign for personal reasons and wants to return to his native Australia to care for his elderly parents.

“I just want to go sit at the beach and do nothing,” he told Bloomberg.

Mr Formica, who has lived in the U.K. for nearly 30 years, joined Jupiter in March 2019. Prior to joining Jupiter, he worked for Janus Henderson Group Plc, where he was influential in the 2017 merger of the U.S. fund company Janus with the U.K.’s Henderson.

The expert asset manager has over 27 years of experience in the investment management sector and has held several roles at Henderson, including equity fund manager and head of equities.

Mr Beesley would take over as Jupiter deals with outflows and turbulent markets as asset managers navigate global markets shaken by the aftermath of the Russia-Ukraine war.

Beesley said in a telephonic interview after the announcement that he had no plans to change the firm’s direction. However, he will reveal more about his plans when he takes over at Jupiter. Moreover, he stated that Jupiter had not yet decided on a replacement CIO.

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