Incoming Jupiter boss pledges to maintain focus on international growth

Incoming Jupiter boss pledges to maintain focus on international growth
By Reuters
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By Aby Jose Koilparambil and Carolyn Cohn

- Jupiter Fund Management's incoming chief Matthew Beesley pledged on Tuesday to maintain its focus on overseas growth even as it grapples with outflows and challenging markets, after his predecessor announced his departure earlier in the day.

The British fund manager said on Tuesday Andrew Formica would leave after just over three years as chief executive and be replaced by investment chief Beesley.

Jupiter said Formica, 51, would step down at the start of October and relocate back to Australia, though he will remain with the group until the end of June 2023. Beesley will be appointed to Jupiter's board and promoted to deputy CEO with immediate effect.

"We are doing all the right things, and are focusing on building out our international presence outside of the UK," Beesley, who joined Jupiter in January from Artemis Investment, told Reuters.

"My job as an incoming CEO is to review the strategy as appropriate, and there might be nuances. But we do not expect a big change in strategic focus," added Beesley, who had worked under Formica for over six years at fund firm Henderson Global Investors.

The change of guard at Jupiter comes as asset managers are navigating global markets rattled by the aftermath of Russia's invasion of Ukraine.

Beesley, 46, a Briton who shares Formica's love for cricket, acknowledged the challenge of heavy outflows, with demand for British and European-focused equity products hit by concerns over growth due to the Ukraine conflict.

"Markets are challenging at the moment and are volatile. Activity creates opportunities for active managers and many of our strategies are performing well as you might expect in this environment," said Beesley.

Shares in Jupiter were trading 1% lower at 155.70 pence at 1020 GMT.

Beesley has previously served as the head of investments and head of equities at GAM Investments and as head of global equities at Henderson Global Investors.

JPMorgan analysts said in a note that Jupiter "has got a clear succession plan in place, with the new CEO possessing significant experience of the asset management industry".

Jupiter investors have seen the value of their shares fall over the past three years. The stock has slumped about 39% so far this year, after losing around 8% in 2021 and about a third of its value in 2020.

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