Formica who resigned from the USD 67.9 billion asset managing company said, “I just want to go sit at the beach and do nothing,” as quoted by Bloomberg.
Formica made headlines after he suddenly announced that he was leaving USD 67.9 billion asset managing company which he joined in 2019. During a telephonic interview, he said that he was resigning due to personal reasons and also to be closer to his parents. Interestingly, he said that he will hit the beach during Australia’s summer season and simply do nothing.
Following his announcement, Jupiter Fund Management issued a statement confirming the news. “Andrew has always been clear with the Board that his longer-term plans would involve the relocation back to his native Australia with his family,” the company said in a statement.
The 51-year-old will formally leave the position on October 1 and he will also step down as the director of the London-based company. Formica will be succeeded by Matthew Beesly, who is currently the company’s chief investment officer.
“I am proud to have worked with such a fantastic and dedicated team as we navigated an extremely challenging period for the business and markets,” Formica said in his statement.
Formica who has been living in the UK for over three decades joined Jupiter in March 2019. Before joining he worked with Janus Henderson Group PLC. A seasoned asset manager, Formica has over 27 years of experience in the investment management industry. From equity fund manager to head of equity, Formica has held several positions during his career.
This CEO of $68 bn investment firm quits, says he wants to sit at the beach and do nothing - Economic Times
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