August 11, 2022

Hardwood Paroxysm

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“I want to live on the beach and do nothing” – Corriere.it

At age 51, Andrew Formica, CEO of Jupiter Fund Management, a nearly $68 billion investment fund, decided to give it all up and spend the rest of his life (along with his wife and four children) lying in the sun on an Australian beach. Joining Jupiter Fund Management in 2019, Formica must have earned enough over the years and saved enough, respecting the Latin proverb omen: As announced to the Board, on October 1, 2022, the Director will also resign as Director of the London Corporation (remaining at the Company until June 30, 2023 to ensure an orderly leadership transition and help achieve a series of strategic objectives). He will already be replaced by Matthew Beasley chief investment officer company.

Desire to return to Australia

So there will be no conflict with the company behind Formica’s decision, but only the awareness to dedicate enough time of his life to work. As explained in an interview with BloombergHis unsettling decision stems from his desire to be close to his now elderly parents and to return, after 3 decades in England, to his home country, Australia. And I always make it clear in the interview in no uncertain terms what his new project is: I just want to sit on the beach and do nothing. Now, I don’t think of anything else.

stress and escape

Formica came to Jupiter from Janus Henderson’s constellation, to coordinate a merger Finance House American and British company. In 2018 he lost the leadership battle at Janus Henderson to Dick Weil, the post-merger co-CEO. Then the difficulties of the past four years, with clients withdrawing liquidity from the Jupiter fund, until 2022 with the company unable to contain its outflows. In fact, in the first three months of the year alone, investors stole another 1.6 billion pounds, according to the latest report. All this was undoubtedly a source of enormous pressure for Formica. Hence the impetus to make a big leap: to leave London (and a salary of more than 5 million euros in just three years) for the white beaches of Australia’s Gold Coast.

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