Andrew Formica, the Chief Executive Officer of Jupiter Fund Management, has suddenly announced that he¡¯s leaving the ?55.3 billion ($67.9 billion) company that he joined in the year 2019.
The 51-year-old CEO will leave the position on October 1st 2022, and will also resign as a director of the London-based company on the same day, according to a statement yesterday, as per a Bloomberg report. He will be succeeded by Matthew Beesley, the company¡¯s Chief Investment Officer, who will take up the role of CEO with effect from that time.
Formica, who has reportedly been in the UK for almost three decades, said in a telephone interview that his departure was down to personal reasons, including wanting to be closer to elderly parents. He plans to move back to his native country Australia.
¡°I just want to go sit at the beach and do nothing,¡± the CEO said in the interview. ¡°I¡¯m not thinking about anything else.¡±. He has been CEO of Jupiter since March 2019.
Formica had joined the nearly $68 billion firm Jupiter in 2019, after working at Janus Henderson Group Plc, where he had orchestrated the merger between US fund house Janus and UK firm Henderson in 2017. He had reportedly lost out in a leadership battle at Janus Henderson in 2018 to Dick Weil, his co-CEO after the combination.
For the uninitiated, Jupiter Fund Management PLC is a UK fund management group. It has been managing equity and bond investments for private and institutional investors. The firm was founded by John Duffield in 1985.
The next CEO designate Beesley had joined Jupiter in January this year as CIO and was previously CIO at Artemis Investment Management. The board looked at external candidates as well before settling on Beesley, Formica said in the interview. The outgoing CEO Formica will remain in the business until the end of June 2023, as per the report.
Beesley reportedly doesn¡¯t plan to change the firm¡¯s strategy, he said in a telephone interview after the announcement. Though he will give more details about his intentions when he takes over at Jupiter. Jupiter hasn¡¯t yet settled on a replacement CIO, he added.
As per the Bloomberg report, clients have pulled cash from?Jupiter?for four years in a row and the firm has failed to stem the outflows this year. In the first three months of 2022, investors yanked another ?1.6 billion, according to its latest earnings report.
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