Jupiter CEO Andrew Formica quits to 'sit at the beach and do nothing'

Andrew Formica, the chief executive officer of Jupiter Fund Management Plc, suddenly announced he’s leaving the £55.3 billion ($67.9 billion) asset manager he joined in 2019.

Formica, 51, will leave the position on Oct. 1 and will also resign as a director of the London-based company on that date, according to a statement Tuesday. He will be succeeded by Matthew Beesley, the company’s chief investment officer, who will take up the role of CEO with effect from that time.

Formica, who has been in the UK for almost three decades, said in a telephone interview that his departure was down to personal