Andrew Formica

Andrew Formica has 30 years' experience in leading and growing investment businesses within the funds management industry globally, with 14 years as CEO. Originally from Sydney, Formica holds a Master of Economics from Macquarie University and an MBA from London Business School. He is a Fellow of the Institute of Actuaries in both the UK and Australia.

Formica was Chief Executive Officer and Director of Jupiter Asset Management plc from March 2019 to September 2022. During his tenure at Jupiter, which managed approximately $68 billion in assets, he oversaw a period of business transformation, though the firm experienced consecutive years of net client outflows. Upon announcing his departure in June 2022, Formica stated he wanted to relocate back to Australia to be closer to family after nearly three decades in the UK.

Prior to Jupiter, Formica was Co-CEO of Janus Henderson Group plc and Chief Executive of Henderson Group plc from 2008 before the merger with Janus Capital in 2017. At Henderson, he acquired Gartmore and New Star, and negotiated the major merger with US fund house Janus to create Janus Henderson, while helping Henderson develop into one of Europe's most profitable investment managers. Early in his career, Formica joined AMP Investments in Sydney as an equity portfolio manager in 1993, later moving to AMP's London arm before advancing to Head of Equities at Henderson.

Career history

• Deputy Non-Executive Chairman, Magellan Financial Group (2023-present)
• Chief Executive Officer and Director, Jupiter Asset Management plc (March 2019–September 2022)
• Co-Chief Executive Officer, Janus Henderson Group plc (2017–2018)
• Chief Executive Officer, Henderson Group plc (2008–2017)
• Head of Equities and senior roles, Henderson Group and predecessor entities (1996 onwards)

What Andrew Formica could bring to Jupiter Fund Management: Formica's proven track record orchestrating complex M&A transactions, including the acquisition of Gartmore and New Star at Henderson and the transformational Janus Henderson merger, demonstrates his capability to reshape businesses through strategic consolidation. His experience navigating regulatory pressures and reaping merger efficiencies positions him well to address asset managers' structural challenges. However, Jupiter's sustained net client outflows during his tenure suggest challenges remain in reversing market share losses in competitive active asset management.