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Money Management

Jupiter Fund Management lands new CEO

Andrew Formica
Andrew Formica

Andrew Formica was named CEO at Jupiter Fund Management, effective March 1.

Mr. Formica will replace Maarten Slendebroek, who will step down from the position and as a director of the company effective March 1. He will remain with the firm until May 1 to ensure a smooth leadership transition and handover, a news release said Tuesday.

Mr. Formica's appointment as CEO and a director of the board is subject to regulatory approvals.

Jupiter's board had envisaged any transition to a new CEO would most likely occur over the next couple of years. However, in developing its succession plans, Mr. Formica was identified as a potential successor. "In light of his availability at this point in time, (the board) has decided ... to accelerate these plans," the release said.

Jupiter has 42.7 billion ($55 billion) in assets under management.

Mr. Formica was co-CEO of Janus Henderson Group, following a merger between Henderson Group and Janus Capital, until last year. Richard Weil was named sole CEO of the combined company in July.

A spokeswoman for Jupiter could not immediately be reached for comment.