Andrew Formica will retire as CEO at Jupiter Fund Management, effective Oct. 1, according to a statement on the asset manager's website.
CIO Matthew Beesley will succeed him as CEO and as a board director, subject to regulatory approval. Mr. Beesley is immediately promoted to deputy CEO and a board member. He will retain his CIO responsibilities during the transition, the statement said.
Mr. Beesley joined Jupiter in January 2022 as part of its succession planning, the statement said. Before that, he was CIO of Artemis Investment Management, where he was succeeded by Paras Anand in March.
A Jupiter spokeswoman said a search for Mr. Beesley's replacement as CIO is underway.
Mr. Formica became Jupiter CEO in March 2019, replacing Maarten Slendebroek. He joined Jupiter after serving as co-CEO of Janus Henderson Group, following a merger between Henderson Group and Janus Capital. Co-CEO Richard Weil was later named sole CEO of the combined company.
The spokeswoman said Mr. Formica had made it clear when he was appointed that he was looking at a three- to four-year horizon, before relocating back to his native Australia with his family. He will remain involved until June 30, 2023, and help with strategic objectives that include developing its offerings in the Australian market.
Jupiter had £55.3 billion($72.6 billion) in assets under management as of March 31.
