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Andrew Formica joined Jupiter Fund Management as CEO in 2019, hoping to turn around what was then on its way to becoming two straight years of £4 billion-plus outflows. And for his troubles, he has been rewarded with two more years of large (albeit somewhat smaller) outflows (going on a third) and being called a “mistake” by a former Jupiter board member. And you know what? He doesn’t have to put up with it.

Formica, who has been in the UK for almost three decades, said in a telephone interview that his departure was down to personal reasons, including wanting to be closer to elderly parents. He plans to move back to his native Australia.

“I just want to go sit at the beach and do nothing,” he said in the interview. “I’m not thinking about anything else.”

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

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