Investment fund CEO resigns for ‘going to the beach and doing nothing’

This is rare news in a business community that holds significance in the long run. Chief Executive Officer. A London-based investment fund with a capital of 65 billion euros has decided to step down with a remunerative remuneration for “going to the beach and doing nothing”. business Insider 28 June.

It is well known that the leaders of the largest companies in the world are workaholics. So it’s rare to see a relatively young and successful investment manager retiring early to hit the beach, but Andrew Formica, CEO of Jupiter Fund Management, plans to do just that.

The 51-year-old leader said he plans to step down in October to visit beaches along the coast of his native Australia.

“I just want to sit on the beach and do nothing. I can’t think of anything else,” he said in an interview with Bloomberg this week. Andrew Formica has lived in the UK for thirty years, and assures that only personal reasons, such as moving closer to his parents, guide his decision.

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Jupiter Fund Management and its subsidiaries offer a variety of asset management products. Through its subsidiaries, the company acts as an investment manager for authorized mutual funds, SICAV, ICAV, ICVC, OEIC, investment companies, pension funds and investment companies, among other specialized funds. The company offers a range of investment strategies across four asset classes, namely equity, fixed income, multi-asset and options.

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Prior to taking over the reins of Jupiter, Andrew Formica led the 2017 merger between American fund company Janus and British company Henderson. Managing Jupiter may not have been easy for Andrew Formica, when we know the investment fund has seen its asset value decline for the third year in a row. many times,

The young retiree will be replaced by Matthew Beasley, Jupiter’s current director of investments, beginning October 1. The date may seem arbitrary, but it coincides with the start of the summer season in Australia, CQFD.

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