CEO of $68-billion firm quits job to "sit on the beach doing nothing"

Andrew Formica, CEO of London-based $68-billion investment firm Jupiter Fund Management Plc, has decided to step down from his position at the firm on October 1. The move has taken everyone by surprise.

Formica, the 51-year-old Chief Executive Officer of the company, said he just wanted to hit the beach and sit there doing nothing.

He had joined the fund management giant in 2019. He will be succeeded by the Group Chief Investment Officer, Matthew Beesley, as announced in the company statement.


The statement clarified that Formica had always mentioned that his long-term plan was to relocate to his native land Australia. His resignation comes as a result of his personal desire to settle back in Australia to spend quality time with his elderly parents.

Formica spent 30 good years in the United Kingdom before deciding to call it quits. He has over 27 years of experience with prestigious investment firms. He played a crucial role in the 2017 merger of the US fund house Janus and U.K.’s Henderson Group. He later went on to join Jupiter.

The new CEO of Jupiter, Beesley, will have to deal with a challenging market in the aftermath of the Russia-Ukraine War. Reportedly, Jupiter has seen cash outflow of about 1.6 billion pounds in the first quarter of the year.

After stepping down from his current role, Formica will stay with the firm until June 2023 to ensure a smooth transition. He expressed faith in his successor Beesley and extended full support to the firm for a smooth leadership transition and to assist strategic business objectives such as Asian Business and development of Australian Market offering.