Andrew Formica’s Net Worth: A Closer Look Into Business Man’s Life, Career, & Lifestyle in 2022!

andrew formica net worth

The company’s chief executive officer and the director are Andrew J. Formica. Andrew served as the Chief Executive Officer of Henderson Group plc from 2008 until its merger with Janus Capital in 2017. He previously served as Co-CEO of Janus Henderson Group plc until 2018.

Biography of Andrew Formica

He began working at Henderson in 1998 and held a number of high positions before becoming a member of the executive committee in 2004. He held the positions of Head of Equities and Joint Managing Director of the Listed Assets business before being named Chief Executive (as of September 2006). (from September 2004).

He worked for Henderson as an equity manager and analyst in the beginning of his career. Andrew has been a non-executive director of Hammerson plc since November 2015 and served as the vice-chairman of the board of The Investment Association until September 2018.

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The company’s chief executive officer and the director are Andrew J. Formica. Andrew served as the Chief Executive Officer of Henderson Group plc from 2008 until its merger with Janus Capital in 2017. He previously served as Co-CEO of Janus Henderson Group plc until 2018.

Andrew Formica’s Age?

andrew formica net worth

Since 2019, 48-year-old Andrew Formica has served as the Chief Executive Officer and Director of Jupiter Fund Management Plc. At Jupiter Fund Management Plc, there are 6 older executives but no younger ones. Bridget Macaskill, an Independent Non-Executive Director at Jupiter Fund Management Plc, is the company’s senior executive at 71 years old.

What Is the Purpose of Jupiter Fund Management Plc?

Investment management Jupiter Fund Management Plc is a publicly traded company. The company handles multi-manager products, client-focused portfolios, mutual funds, hedge funds, and hedge funds for its clients.

It makes investments in the U.K., Europe, and international emerging markets’ public equities markets. The company also makes investments in hedge funds, absolute return funds, and fund of fund products. The United Kingdom’s London is the home of Jupiter Fund Management Plc, which was established in 1985.

What Does Andrew Formica Get Paid?

Andrew Formica receives GBX1,322,000 in total salary from Jupiter Fund Management Plc as its Chief Executive Officer and Director. There are 1 executive at Jupiter Fund Management Plc who are paid more, with Andrew James Formica receiving the maximum salary of $1,753,000 (BA (Econ), FIA, FIAA, MA (Econ), MBA).

Jupiter Selects a New Ceo as Andrew Formica Prepares to Step Down.

Andrew Formica, the chief executive of Jupiter Fund Management, is stepping down after just three years in the position. This comes after a lacklustre era characterised by fund outflows and a declining share price.

andrew formica net worth

Formica will retire in October, according to the London-listed fund business, which oversees £55 billion, and be succeeded by Matthew Beesley, the asset manager’s new chief investment officer.

Beesley, who switched to Jupiter from rival asset manager Artemis at the beginning of the year, will be named to the board and given the title of deputy chief executive immediately, keeping his position as chief investment officer.

In the last five years, the value of the company’s shares has decreased by two-thirds, and it has more than halved since Formica took over as CEO. Mid-sized generalist active fund managers like Jupiter are being driven out by huge passive players like BlackRock and Vanguard and highly specialised specialist players. Investors no longer favour Jupiter’s key business segments, such as UK and European equities, which are frequently mentioned as potential takeover targets.

A small individual stakeholder and former Jupiter board member published a damning review of the business in May. Dealmaker for the fund sector Jon Little said in an open letter to the group’s head Nichola Pease that the organization had “lost its way” and needed to reform its leadership and strategy in order to maintain its independence.

Little asserted that Formica “failed to deliver on the essential measures of net sales, shareholder returns, and return on equity” and questioned the company’s 2020 decision to pay £390 million to acquire Merian Global Investors.

The last four years, Jupiter has had net outflows of an average of £4 billion. It reported net withdrawals of £1.6 billion in the first quarter of this year, and overall assets under management fell by £5.2 billion to £55.3 billion as a result, stung by £3.6 billion in negative market returns.

In 2019, Formica, who had previously worked for Janus Henderson, joined the company. According to Jupiter, Formica “has always been clear with the board that his longer-term ambitions would involve the migration return to his native Australia with his family.” To assist with the transition, he will stay at Jupiter until June of the following year.

Little questioned the wisdom of not expanding the search to locate Formica’s replacement. “Matt Beesley has made a good start as CIO, but I can’t think why Jupiter thought it was a good idea to make him CEO as well, when he has no experience running a public company and it’s a time when Jupiter needs to concentrate on its investment performance,” he said in a statement to the Financial Times on Tuesday.

andrew formica net worth

Beesley served as Artemis’ chief investment officer before joining Jupiter. Prior to Henderson Global Investors’ 2017 merger with Janus Capital Group, he was a fund manager at GAM and GAM before that. At the time of the merger, Formica was Henderson’s CEO.

Beesley will earn a salary of £455,000 each year as chief executive of Jupiter, plus a bonus opportunity worth up to 425 percent of his base income. Additionally, he will receive a long-term incentive scheme worth up to 375% of his salary.

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As the business “navigated an extraordinarily trying moment for the business and markets,” Formica said he was “glad” to have worked there.

Jupiter has “made great progress,” he continued, by expanding its business model and putting in place “the right building blocks to enable long-term success.” Formica has “excelent leadership throughout a tremendously tough period for the business, the industry, and indeed, the world,” according to Pease.

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