In a surprise move, the Chief Executive Officer (CEO) of London-based Jupiter Fund Management Plc, Andrew Formica, resigned from his post. Chief Investment Officer Matthew Beesley will assume charge as the company's new CEO. It seems Formica put down the papers not to join another fund management giant but to relax.
“I just want to go sit at 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 resign as the CEO and director of the company on October 1. In its formal announcement, the company stated that Formica decided to quit due to personal reasons. It said that the 51-year-old wishes to spend time with his family and relocate to his native Australia with them.
Jupiter announced that Formica will continue working till June 30, 2023, to ensure a smooth leadership transition of the company and assist in strategic objectives.
Formica has over 27 years of experience in the investment management industry and is a qualified actuary both in the UK and Australia. Before joining Jupiter in 2019, he had held other prominent posts. Formica has been the CEO of Henderson Global Investors where he also served as the head of equities and equity fund manager.
His successor, Matthew Beesley, meanwhile, joined Jupiter in January 2022 and took charge as the Chief Investment Officer. Before that, Beesley was the Chief Investment Officer of Artemis Investment Management. He also held the post of Head of Investments and Head of Equities at GAM Investments and as Head of Global Equities at Henderson Global Investors.
According to a Financial Times report, Jupiter is currently grappling with a client exodus. Formica had earlier said that the last year was “challenging” for Jupiter but insisted that the company had the right foundations to tackle the issues.