Andrew Formica, chief executive officer of London-based fund house Jupiter Fund Management Plc, has abruptly resigned from his position. The company released a report stating that Mr Formica would vacate his position on october 1. Andrew joined this $68 billion fund management company in 2019. According to the report, Matthew Beasley, currently the Chief Investment Officer of Jupiter, will take over as the new CEO after Formica.
Why did you resign?
Jupiter has reported in the report that Formica has decided to step down, citing personal reasons. He wants to go back to australia to spend time with his aging parents. Andrew Formica is originally from Australia. According to Bloomberg, Formica no longer wants to work. He has said that now he just wants to sit comfortably by the sea and does not want to do any work. Mr Formica has worked in the united kingdom for nearly three decades. He joined Jupiter in march 2019.
Worked with big companies
Prior to Jupiter, Formica worked with Janus Henderson Group plc. He was instrumental in the merger of US fund house Janus and UK's Henderson in 2017. Andrew Formica is an experienced Asset Manager. Formica has over 27 years of experience in the investment management industry. Andrew has held various positions including Equity Fund Manager and Head of Equity at investment firm Henderson.
Challenge for Matthew Wesley
Beasley will take over as CEO after october 1. Beasley has to take this position when investors are withdrawing money from the company and the situation in the world market is also not good. The Russo-Ukraine war has caused considerable damage to the company.
people kicking out
Money According to a Bloomberg report, clients have pulled out investments from the Jupiter company for four consecutive years. people pulled 1.6 billion euros from the firm in the first quarter of 2022.
