Jupiter Fund Management has announced the appointment of Matthew Beesley as the Company’s new Chief Executive Officer, replacing Andrew Formica.
Formica has informed the Company’s Board of Directors of his intention to retire from his role as Chief Executive Officer (“CEO”) and a Director of the Company with effect from 1 October 2022.
Beesley, Group Chief Investment Officer, will assume the role of Chief Executive Officer with effect from that time, subject to customary regulatory approvals. He will be appointed to the Company’s Board of Directors and promoted to Deputy Chief Executive Officer with immediate effect. Matthew will retain his global Chief Investment Officer responsibilities during the transition.
Formica has always made it clear to the Board that his long-term plans would involve relocating to his native Australia with his family. Having completed the initial phase of Jupiter’s business transformation, he believes that now is the right time to relinquish leadership of the business to enable the next phase to have consistent and strong leadership throughout that period, the press release said.
Following his departure as CEO and as a director of the business, Formica will relocate back to Australia, but will remain with the business until June 30, 2023 to ensure a smooth leadership transition and to assist with a number of strategic objectives, including supporting the Asian business and developing our offering in the Australian market. In addition, while he remains an employee of the Group, he will remain on the NZS Capital Board as a representative of the company, the firm says.
As part of the Board’s succession planning process, Matthew Beesley joined Jupiter in January 2022, as Chief Investment Officer. He has had a significant impact across the business since his appointment and the Board has been impressed with his strategic insights, leadership skills and unwavering focus on client outcomes, according to company information.
Prior to joining Jupiter, Beesley was chief investment officer of Artemis Investment Management. Prior to that, he served as Chief Investment Officer and Head of Equities at GAM Investments and Head of Global Equities at Henderson Global Investors. Prior to that, Matthew held various global equity portfolio manager positions.
Nichola Pease, Chairman of Jupiter, commented, “On behalf of the Board, I would like to thank Andrew for his significant contribution over the past three years. Andrew has been an excellent leader during a very challenging period for the company, the industry and indeed the world; his experience and vision have strengthened our underlying business and driven progress towards our long-term strategic objectives. Andrew leaves with the best wishes of the Board and we are pleased that he will remain with the company to ensure a full CEO transition and move forward a number of important strategic initiatives.”
For his part, Andrew Formica stated, “Jupiter is a customer-led business and I am proud to have worked with such a fantastic and dedicated team as we navigated through an extremely difficult period for the business and markets. Despite these challenges, we have continued to deliver strong investment performance for our clients and our focus on high conviction active management. While it is always difficult to find the right time for handover, we have made significant progress against our strategic priorities, ensuring that Jupiter is now a more diversified and resilient business, which has improved its positions in critical areas such as sustainability and data science and has the right elements in place to support long-term growth. I am pleased to see the board appoint Matthew Beesley as my successor, and look forward to working with him to ensure a smooth transition.”