Andrew Formica, resigning CEO of Jupiter AM
Andrew Formica leaves Jupiter Asset Management. The current CEO of the company has in fact communicated to the board of directors of the investment fund that he wishes to renounce his position with effect from from 1 October 2022. The reasons for the step backwards, however, cannot be traced to internal conflicts within the company or to disagreements with the leaders of Jupiter.
Ant has indeed explained in an interview a Bloomberg that his resignation is due to personal reasons. Among these is the desire to be close to his parents but above all to return to Australia, his native land. “I just want to sit on the beach and do nothing”he said in the interview. “I’m not thinking of anything else.” A decision therefore the result of thirty years spent in the United Kingdom and the stress of working in an investment fund of 67.9 billion dollars can cause.
Formica will remain operational until 2023
It will happen to him Matthew Beesleychief investment officer of the Group, which from 1 October will assume the position of CEO. Formica will remain in business until June 30, 2023 to ensure an orderly transition of leadership and contribute to achieving a series of strategic objectives that the company has set itself, including the development of the offer in the Australian market. Beesley has no plans to change the company’s strategy but will provide more details on his intentions when he takes office.
“Formica has always been clear to the Council that his long-term plans would involve returning to his native Australia along with his family. With the initial stage of the business transformation, he believes it now is the right time to hand over the leadership of the company”Explains the company in a statement.
Formica became CEO of Jupiter in 2019 after joining Janus Henderson Group Plc. There, in 2017, he orchestrated the merger between the US fund Janus and the UK fund Henderson.