London businessman quits firm to "sit at the beach and do nothing"
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CEO of a London-headquartered fund house, Jupiter Fund Management Plc Andrew Formica has shocked his associates by resigning from his position with no warning. He is also stepping down as the Director of the investment firm.
His reason is that he wants to "sit at the beach and do nothing". The 51-year-old said that he is not thinking about anything else.
Jupiter Fund Management is a $68 billion business, and Formica will step down from his position on October 1. He joined the company in 2019. A Bloomberg report said that Matthew Beesley, Chief Investment Officer of Jupiter, would take over as the new CEO.
Formica has also decided to move back to his native town in Australia and be with his elderly parents. He has spent the last 30 years in the UK. The seasoned asset manager worked with Janus Henderson Group Plc and played a key role in its merger with Henderson's in 2017.
As the investment sector is struggling with the consequences of the Russia-Ukraine war, Jupiter has seen an outflow of £1.6 billion in the first quarter of the year. Bloomberg reported that the firm is finding it challenging to navigate the global markets.
Formica said in a telephone interview that the board looked at external candidates as well before choosing Beesley to be his successor.
Beesly joined the firm in January 2022 and was previously CIO at Artemis Investment Management. Formica assured that Beesly does not plan to change the firm's strategy. Jupiter hasn't yet found a replacement for CIO.
