Jupiter Fund Management Chief Executive Andrew Formica announced that he will only remain in the role until October 1, and then leave the company to “go to the beach and do nothing”. The management group is valued at US$ 67.9 billion (about R$ 355 billion).
Formica, 51, told news website Bloomberg that he has simple reasons for stepping down. “I just want to go sit on the beach and do nothing […] I’m not thinking about anything else.”
Another reason for leaving the Jupiter Fund is that the headquarters are located in the UK and Formica is Australian and wants to return to his hometown to be close to his elderly parents.
According to Bloomberg, the Australian has been working in London for over 30 years. He joined the management group team in March 2019.
He will be succeeded at the company by Matthew Beesley, who is currently the chief investment officer of the Jupiter Fund.