CEO Of $68B Investment Firm Quits Job To Hit The Beach And 'Do Nothing'

Andrew Formica, CEO of the United Kingdom-based investment firm Jupiter Fund Management, has announced he is retiring to hit the beach in his home country of Australia.

Formica, 51, made the surprise announcement while speaking in an interview with Bloomberg this week. The announcement comes just three years after he took the position as the firm’s chief executive and director.

“I just want to go sit at the beach and do nothing. I’m not thinking about anything else,” Formica said.

Jupiter Fund Management confirmed Formica’s retirement, adding that the 51-year-old CEO has always been clear about his plans to retire and relocate to Australia. The company, which has $67.9 billion in assets, said Formica’s retirement will be effective on Oct. 1.

“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,” the company said in a statement. “With the initial phase of Jupiter’s business transformation completed he feels now is the right time to hand over the leadership of the business, to enable the next phase to have consistent and strong leadership throughout that period.”

Despite retiring as the firm’s CEO and director, Formica will remain with the business until the end of June 2023 to ensure a smooth transition of leadership as well as assist in several of the firm’s strategic objectives, including the development of their Australian market offering.

Before joining Jupiter, Formica led a 2017 merger between U.S.-based fund company Janus and U.K.-based Henderson. However, he lost the company’s leadership to his co-CEO in 2018. Formica joined Jupiter in 2019.

Matthew Beesley, 46, the company’s chief investment officer, is expected to take over Formica’s position as the CEO. He will be appointed as the CEO on the same day as the start of his predecessor’s retirement.

Beesley previously served as the head of investments and head of equities at GAM Investments. He also served as the head of global equities at Henderson Global Investors and the CIO of Artemis Investment Management. Beesley joined Jupiter in January this year.