Jupiter hires Formica as CEO as Slendebroek steps down
Andrew Formica is to take over as chief executive of Jupiter Fund Management, replacing Maarten Slendebroek from March 1, the company has announced.
In a stock exchange announcement revealing the succession plans, the group said Slendebroek has agreed to remain in the business until 1 May 2019 to ensure a smooth leadership transition and handover.
He joined Jupiter in 2012 as head of distribution and strategy before becoming CEO in 2014.
Andrew Formica , former head of Henderson, departed the merged Janus Henderson group last summer as the business put former Janus boss Dick Weil in sole charge.
In a statement, Jupiter noted that it had expected to handover management "over the next couple of years" but that the current availability of Formica caused it "to accelerate these plans".
Formica said: "Jupiter is a tremendous firm and I have been very impressed by its talented people and distinct investment culture. I am excited by the firm's successful diversification strategy and look forward to helping it develop its increasingly global franchise.
"Jupiter's relentless focus on delivering value to clients through genuinely active investing means it is well positioned to succeed in an evolving industry."
The appointment follows a decision by the group in December to dismiss joint chief operating officer Lance DeLuca as it grapples with rising costs and outflows. Shares have tumbled more than 50% in the past year.
Slendebroek commented: "It has been a privilege to lead Jupiter over the last five years and the company has gone from strength to strength as we have delivered against our strategic ambitions. I am particularly pleased that we continued to deliver for our clients, even in more recent times of market volatility, where we maintained strong investment performance after all fees.
"Much has been achieved and so this is the right time for me to hand over. The business is in excellent health and I wish my colleagues every success for the future and look forward to working with Andrew on the transition of responsibilities."
Slendebroek received a £1m bonus from Jupiter for hitting financial and strategic objectives in 2018. His salary rose 70% last year to £425,000, with up to 800% more of incentives. The package was opposed by influential proxy adviser Institutional Shareholder Services, but was passed at the company's AGM.
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