Formica finds new CEO role

Former Janus Henderson Group co-chief executive Andrew Formica is joining Jupiter Fund Management as its new leader in March.

Formica will replace current Jupiter chief executive Maarten Slendebroek, who is transitioning out of his role and finishing in May. Slendebroek was chief executive for about five years.

The Jupiter Fund Management board said it originally envisaged that any chief executive transition would likely occur over the next two years. However, after identifying Formica as a potential successor, the board accelerated its plans.

In 2018, Formica resigned from Janus Henderson after the group's board thought it was more appropriate to have Dick Weil as its sole chief executive.

The Australian-born executive was previously chief executive of Henderson Group between 2008 and 2017, before its merger with Janus Capital. He was at Henderson from 1998 and held various senior roles, joining the company's executive committee in 2004.

Formica was also deputy chair of The Investment Association until September 2018, and has served as a non-executive director of Hammerson since November 2015.

The newly-minted Jupiter chief executive said he is excited to join the £42.7 billion ($78 billion) investment manager and its successful diversification strategy. He also looks forward to helping Jupiter develop its increasingly global franchise.

"Its track record of strong investment performance for clients has enabled it to deliver significant organic growth, delivering cumulative net flows of some £5.8 billion over the last six years," Formica said.

Jupiter chair Liz Airey said: "Maarten was the driving force behind our successful diversification strategy which has taken this firm to a new level, growing substantially from a predominantly UK-focused equities business to one that is today broadly diversified by asset class, geography and channel. He is handing over the business in very good shape and will leave in due course with our very best wishes."

Read more: Jupiter Fund ManagementJanus HendersonAndrew FormicaMaarten SlendebroekDick WeilLiz Airey
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