Andrew J. Formica serves as both the company’s director and chief executive officer. From 2008 until its merger with Janus Capital in 2017, Andrew was the Chief Executive Officer of Henderson Group plc. Prior to 2018, he co-led Janus Henderson Group plc as CEO.

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The life story of Andrew Formica

He started working at Henderson in 1998, rising through the ranks to hold a variety of important positions until joining the executive committee in 2004. Before being elected Chief Executive, he served as the business’s Joint Managing Director and Head of Equities (as of September 2006). (Dating from September 2004)

At the beginning of his career, he worked with Henderson as an equities manager and analyst. Andrew served as the vice-chairman of the board of The Investment Association until September 2018 and has been a non-executive director of Hammerson plc since November 2015.

Andrew J. Formica serves as both the company’s director and chief executive officer. From 2008 until its merger with Janus Capital in 2017, Andrew was the Chief Executive Officer of Henderson Group plc. Prior to 2018, he co-led Janus Henderson Group plc as CEO.

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How old is Andrew Formica?

Andrew Formica, 48, has been Jupiter Fund Management Plc’s chief executive officer and director since 2019. There are six elder executives at Jupiter Fund Management Plc but none younger. The company’s top executive is Bridget Macaskill, a 71-year-old Independent Non-Executive Director of Jupiter Fund Management Plc.

What Is Jupiter Fund Management Plc’s Goal?

Management of investments An organization that is traded publicly is Jupiter Fund Management Plc. For its customers, the business manages mutual funds, hedge funds, client-focused portfolios, multi-manager products, and hedge funds.

It invests in the public equity markets of the United Kingdom, Europe, and other foreign developing markets. The business also invests in fund-of-fund products, absolute return funds, and hedge funds. Jupiter Fund Management Plc was founded in 1985 and is based in London, United Kingdom.

How much money does Andrew Formica make?

As its Chief Executive Officer and Director, Jupiter Fund Management Plc pays Andrew Formica a total compensation of GBX 1,322,000. Andrew James Formica (BA (Econ), FIA, FIAA, MA (Econ), MBA), the highest-paid executive at Jupiter Fund Management Plc, earns a salary of $1,753,000.

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In preparation for Andrew Formica’s resignation, Jupiter chooses a new CEO.

After only three years in the role, Jupiter Fund Management’s chief executive, Andrew Formica, is resigning. This follows a drab period marked by money withdrawals and falling share prices.

According to the London-listed fund firm, which manages £55 billion, Formica will step down in October and be followed by Matthew Beesley, the asset manager’s new chief investment officer.

In addition to being nominated to the board and given the title of deputy chief executive right away, Beesley, who joined Jupiter from rival asset management Artemis at the beginning of the year, will continue to serve as the company’s chief investment officer.

The value of the company’s shares has dropped more than 50% since Formica became CEO and by two-thirds during the past five years. Massive passive companies like BlackRock and Vanguard, as well as highly specialized specialist firms, are driving out mid-sized generalist active fund managers like Jupiter. Investors no longer like Jupiter’s core business divisions, namely the UK and European equities, which are routinely touted as prospective acquisition candidates.

In May, a critical assessment of the company was written by a minor individual shareholder and former Jupiter board member. Dealmaker for the fund industry Jon Little wrote an open letter to the group’s leader Nichola Pease claiming that the organization had “lost its way” and needed to change its direction as well as its leadership and strategy to keep its independence.

Little said that Formica “failed to deliver on the basic indicators of net sales, shareholder profits, and return on equity” and questioned the 2020 decision of the firm to pay £390 million to purchase Merian Global Investors.

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Jupiter has seen net outflows of an average of £4 billion during the previous four years. It recorded net withdrawals of £1.6 billion in the first quarter of this year, which resulted in a £5.2 billion decline in assets under management to £55.3 billion, hurt by a £3.6 billion decline in market returns.

Formica, who had previously worked for Janus Henderson, started with the business in 2019. With regard to the board, Formica “has always been clear that his longer-term objectives would require the migratory home to his native Australia with his family,” according to Jupiter. He would remain at Jupiter until June of the following year to help with the changeover.

Little questioned whether it was wise to limit the scope of the hunt for Formica’s replacement. In a statement to the Financial Times on Tuesday, he said, “Matt Beesley has made a good start as CIO, but I can’t think why Jupiter thought it was a good idea to make him CEO as well when he has no experience running a public company and it’s a time when Jupiter needs to concentrate on its investment performance.

Before joining Jupiter, Beesley was the chief investment officer of Artemis. He was a fund manager at GAM prior to the 2017 merger of Janus Capital Group and Henderson Global Investors. Formica was the CEO of Henderson at the time of the merger.

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As chief executive of Jupiter, Beesley will get a salary of £455,000 a year along with a bonus potential that may be worth up to 425 percent of his basic pay. A long-term reward program worth up to 375 percent of his income will also be given to him.

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Formica said he was “happy” to have worked there as the company “navigated an exceptionally hard period for the business and markets.”

He went on to say that by developing its business strategy and putting in place “the appropriate building blocks to allow long-term success,” Jupiter had “made significant progress.” According to Pease, Formica has demonstrated “excellent leadership at an extremely challenging moment for the firm, the industry, and indeed, the globe.”

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