Andrew Formica Net Worth: How Rich is Jupiter’s CEO Actually?

Andrew Formica is a British Australian business executive. He is best known for serving as the CEO of Jupiter Asset Management. Previously, he served as the CEO of Henderson Global Investors. Andrew announced in June 2022 that he would be leaving the $67.9 billion company, Jupiter Asset Management. Andrew Formica net worth is estimated at $25 million as of 2023.

Early life

Andrew Formica was born in Australia. He has provided details on his real birthdate yet. However, he is stated to be 48 years old. Nothing is much known about the details of his parents. He studied at Macquarie University and received a Master’s degree in Economics. Then, he earned an MBA degree from London Business School in 2001.

Andrew Formica Net Worth & Career

Andrew started working in the fund management industry in 1993. At the early stage of his career, he took various senior roles at Henderson. Earlier, he worked as a manager and equity analyst at the company in 2004. In November 2015, he started working as a non-executive director. Then, he worked as the Investment Association’s vice chairman until September 2015. The company was merged with Janus Capital in 2017. He then served as the CEO of Henderson Group Plc.

Andrew also served as the Co-CEO of Janus Henderson Group plc. for a short time in 2018. He lost the position to Dick Weil in 2018. During the time he served Henderson, he orchestrated the merger between the UK firm Henderson and US fund house Janus. Andrew joined Jupiter Asset Management in 2019.

The Jupiter Fund Management was founded in 1985 in London. He has been serving as the CEO of the fund management company for three years. Andrew gave shocking news of his retirement in June 2022. As per Bloomberg, he will retire in October 2023.

The retirement news came after a lackluster era which is characterized by a declining share price and fund outflows. Following his retirement, he will be succeeded by Matthew Beesley. In a recent telephone interview, he stated that his departure from Jupiter was due to personal reasons. Andrew revealed that he wanted to be closer to his elderly parents and has the plan to move back to his native Australia.

The Jupiter Fund’s share price decreased by two-thirds in the last 5 years. The decrease in share price is more than halved since Andrew took over as CEO. Jupiter had net outflows of around £4 billion in the last 4 years. In the first quarter of 2021, the company reported net withdrawals of £1.6 billion. The company also had negative market returns of £3.6 billion. Following his resignation, he stated that he just want to sit at the beach and do nothing.

Personal Life

Andrew Formica is reportedly a married man. He also has 4 kids with his wife. However, he has not shared any details about his marriage life yet. Through the social media pages, it is revealed that he tied the knot with his wife in a lavish ceremony in his native Sydney. Andrew and his beloved wife love to spend their time with loved ones whenever they get free from their professional work.

Andrew Formica Net Worth

Andrew Formica’s personal wealth is estimated to be around $25 million as of 2023. As the CEO of Jupiter, he is earning an average annual salary of around £455,000. His successor, Beesley will be earning a salary of £455,000 each year and a bonus opportunity worth up to 425% of his base income.