Andrew Formica, CEO, and director of Jupiter Fund Management Plc.— Jupiter Fund Management Plc

Millionaire quits $68-billion firm to ‘sit at beach and do nothing’

by Pakistan News
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Andrew Formica, CEO, and director of Jupiter Fund Management Plc.— Jupiter Fund Management Plc

The Chief Executive Officer of Jupiter Fund Management, Andrew Formica, announced he was leaving the $67.9 billion asset manager, reported Bloomberg.

The 51-year-old will leave the position on October 1, also resigning from his position of director of the London-based company.

Formica said that he was leaving due to personal reasons, including his desire to live closer to his old parents. 

“I just want to go sit at the beach and do nothing,” he said in a telephone interview. 

“I’m not thinking about anything else.”

Formica joined the company in 2017. He will stay in business till the end of June 2023. 

The company’s chief investment officer, Matthew Beesley, will succeed Formica. He said in an interview that he did not plan to transform the firm’s strategies. 

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