Andrew Formica, the CEO of Jupiter Fund Management
Richard Weil, center left, and Andrew Formica, center, on the floor of the New York Stock Exchange. Image Credit: Bloomberg

London: Andrew Formica, the CEO of Jupiter Fund Management, is stepping down from his role.

Formica, 51, will leave the position on October 1 and also resign as a director of the London-based company on that date, according to a statement Tuesday. He will be succeeded by Matthew Beesley, the company’s chief investment officer, who will take up the role of CEO with effect from that time.

Formica joined Jupiter in 2019 from Janus Henderson Group, where he had orchestrated the merger between US fund house Janus and UK firm Henderson, where he was CEO, in 2017. He lost out in a leadership battle at Janus Henderson in 2018 to Dick Weil his co-CEO after the combination.

Clients have pulled cash from Jupiter for four years in a row and the firm has failed to stem the outflows this year. In the first three months of the year, investors yanked another 1.6 billion pounds, according to its latest earnings report.

Formica plans to relocate back to Australia, but will remain in the business to the end of June 2023. Beesley joined Jupiter in January this year as CIO and was previously CIO at Artemis Investment Management.