Jupiter CEO leaves $68 billion company to sit at the beach

Hyderabad: Andrew Formica, the chief executive officer of Jupiter Fund Management Plc, took everyone by surprise after he announced he was leaving the £55.3 billion ($67.9 billion) asset management company. The 51-year-old had joined Jupiter in 2019. According to a report on ‘Bloomberg’, he will leave his post on October 1 and will step down […]

Hyderabad: Andrew Formica, the chief executive officer of Jupiter Fund Management Plc, took everyone by surprise after he announced he was leaving the £55.3 billion ($67.9 billion) asset management company. The 51-year-old had joined Jupiter in 2019.

According to a report on ‘Bloomberg’, he will leave his post on October 1 and will step down as a director of the London-based corporation on that day. Matthew Beesley, the organisation’s chief investment officer, will take over as CEO in his place.

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Formica, who has lived in the UK for nearly three decades, wants to return to his country of origin, Australia. He claimed in a telephone conversation that his decision to leave was motivated by personal factors, such as a desire to be near his ageing parents. “I just want to go sit at the beach and do nothing. I’m not thinking about anything else,” he said.

Jupiter Fund Management is a UK fund management group, managing equity and bond investments for private and institutional investors. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.