Andrew Formica, CEO of London-based fund house Jupiter Fund Management, has decided to resign, sit on the beach, and do nothing in a stunning display of the emptiness that a lot of money can bring into your life.
He joined the $68 billion fund management behemoth in 2019 and will leave on October 1 of this year.
“I just want to go sit at the beach and do nothing,” Formica told Bloomberg.
Formica has resigned for personal reasons and wishes to return to Australia to be with his parents.
Matthew Beesley, the Group’s Chief Investment Officer, will succeed him as CEO with effect from that date, subject to customary regulatory approvals.
According to the company, Formica has always made it clear to the Board that his long-term plans include returning to his native Australia with his family.
“Andrew has been an excellent leader throughout a highly challenging period for the business, the industry and indeed the world; his expertise and vision have strengthened our underlying business and driven progress towards our long-term strategic objectives,” said Nichola Pease, Chairman of Jupiter.
According to Formica, while finding the right time to hand over is always difficult, “we have made significant progress against our strategic priorities ensuring that Jupiter is now a more diversified and resilient business, has enhanced positions in critical areas such as sustainability and data science and has the right building blocks in place to support long term growth”.
“I am pleased to see the board appoint Matthew Beesley as my successor, and I look forward to working with him to ensure a seamless transition.”
