“I want to live on the beach and do nothing” – Corriere.it

at the age of 51 Andrew FormicaDirector general Buyer fund managementan investment fund of nearly 68 billion dollars, decided that I drop everything He spends the rest of his life (with his wife and four children) in the sun on an Australian beach.

Joining Jupiter Fund Management in 2019, Formica must have earned enough over the years and saved enough, respecting the Latin proverb omen: As announced to the Board, on October 1, 2022, the Director will also resign as Director of the London Corporation (remaining at the Company until June 30, 2023 to ensure an orderly leadership transition and help achieve a series of strategic objectives).

He will already be replaced by Matthew Beasley chief investment officer company.

Desire to return to Australia

So there will be no conflict with the company behind Formica’s decision, but only the realized awareness of After devoting enough time of his life to work.

As explained in an interview with BloombergHis troubling decision stems from a desire to Stay close to his elderly parents And to return, after 3 decades in England, to his native Australia. And always in the interview he made it clear in no uncertain terms what his new project was: I just want to sit on the beach and do nothing. I don’t think of anything else now.

stress and escape

Formica came to Jupiter from Janus Henderson’s constellation, to coordinate a merger Finance House American and British company.

In 2018, he lost the leadership battle at Janus Henderson to Dick Weil, his co-CEO after the merger.

Then the difficulties of the past four years, with clients withdrawing liquidity from the Jupiter fund, until 2022 with the company unable to contain its outflows. In fact, in the first three months of the year alone, investors stole another 1.6 billion pounds, according to the latest report.

All this was undoubtedly a source of enormous pressure for Formica.

Hence the impetus to make a big leap: to leave London (and a salary of more than 5 million euros in just three years) for the white beaches of Australia’s Gold Coast.

Earl Warner

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