68 billion-dollar company’s CEO resigns to “sit at the beach and do nothing”

Everyone was shocked when Jupiter Fund Management Plc’s Chief Executive Officer, Andrew Formica, abruptly announced his resignation.

Andrew Formica

The CEO of Jupiter Fund Management Plc, London-based fund company Andrew Formica, has unexpectedly stepped down.

Mr. Formica, who joined the $68 billion fund management behemoth in 2019, will leave his role on October 1, according to a statement from the business, according to news agency Bloomberg.

According to the story, Mr. Formica will leave his position as director of the investment company and be replaced as CEO by Jupiter’s Chief Investment Officer, Matthew Beesley.

It further said that Mr. Formica had resigned for “personal reasons” and intended to return to his home in Australia to care for his ailing parents.

He told Bloomberg, “I simply want to go relax at the beach and do nothing.”

Mr. Formica, who has lived in the UK for around three decades, joined Jupiter in March 2019.

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Prior to joining Jupiter, he was employed at Janus Henderson Group Plc, where he played a key role in the 2017 merger of the American investment company Janus with the British firm Henderson.

The seasoned asset manager, who has more than 27 years of experience in the investment management sector, has held a number of positions, including head of equities at Henderson and manager of equity funds.

When Jupiter faces outflows and difficult markets and asset managers are navigating a world market that has been shaken by the fallout from the Russia-Ukraine conflict, Mr. Beesley would assume the top position.

According to Bloomberg reports, customers have withdrawn money from Jupiter for four years in a row, and the company had an outflow of £1.6 billion in the year’s first three months.

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