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CEO Quits $68 Billion Firm to ‘Sit at the Beach and Do Nothing’

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A London-based company’s chief executive is trending, after he plans to quit his $67.9 billion role to do nothing.

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The billionaire executive’s “sudden” announcement sent shockwaves to Jupiter Fund Management Plc, the company which he had joined in 2019.

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According to Bloomberg, Andrew Formica, 51, will “remain in the business until the end of June 2023.”

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A statement released on Tuesday to a media outlet revealed Formica may be replaced by the company’s chief investment officer, Matthew Beesley.

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And if you thought the businessman made the wrong decision to leave, he told a media outlet that it was more to do with “personal reasons” adding he wants “to be closer” to his elderly parents.

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In the telephone interview, he also confessed: “I just want to go sit at the beach and do nothing. I’m not thinking about anything else.”

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With that being said, Andrew has managed to “orchestrate the merger between US fund house Janus and UK firm Henderson,” in 2017 as per reports.

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But apparently “lost out” on a leadership battle at Janus Henderson in 2018…

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That didn’t stop clients from “pulling cash” from the company for “four years in a row” – which led another £1.6 billion to be lost in the first three months of the year, as per reports.

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Beesley told Bloomsberg he doesn’t plan to change the “firm’s strategy,” if he gets the role of the CIO…

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But added he “will give more details about his intentions” when he takes over, as the company is yet to decide who will take the role as the next CIO.

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