Jupiter Fund Management CEO Formica to step down

Jupiter Fund Management said chief executive Andrew Formica had decided to step down with effect from October 1.

Formica will be succeeded by Matthew Beesley, the group's chief investment officer, who becomes deputy CEO with immediate effect.

“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,” Jupiter said in a statement.

“Following his stepping down as CEO and as a director of the Company, Andrew will … remain in the business until 30 June 2023 to ensure a smooth leadership transition and to assist with a number of strategic objectives, including supporting the Asian business and development of our Australian market offering.”