Former fund management CEO joins Magellan

26 July 2023
| By Laura Dew |
image
image
expand image

Magellan has appointed Andrew Formica, former co-chief executive of Janus Henderson, to its board as a non-executive director.

Formica was previously a chief executive of UK asset manager Henderson from 2008 and became co-CEO when it merged with US firm Janus to form Janus Henderson in 2017, which is ASX-listed and has $473 billion in assets under management.

He left in 2019 and joined Jupiter Asset Management as CEO which has $100 billion in assets under management.

Jupiter offers equities, fixed income, alternatives, multi-asset, multi-manager and sustainable and impact funds. Its flagship Dynamic Bond fund is £5.6 billion ($10.6 billion) while it also runs a popular range of six Merlin multi-manager funds which are £5.9 billion ($11.1 billion).

At the time of his departure from Jupiter last June, Formica jokingly told the media that he “wanted to go sit at the beach and do nothing” upon his return to Australia where he is originally from.

In an ASX statement, Magellan said Formica has 14 years of CEO experience and 30 years’ experience in financial services.

He is also a former deputy chair of the Investment Association, the UK’s trade body for investment and fund managers.

Magellan chair, Hamish McLennan, said: “The board welcomes Andrew’s extensive experience as an executive and director in the funds management industry. Having previously led global funds management businesses, Andrew brings invaluable skills and insights to the Magellan group.

“We are delighted to have secured someone of Andrew’s calibre to the board as part of our ongoing board renewal process.”

Formica added: “From afar, I have always admired Magellan’s ability to innovate and evolve to stay on top of the industry and deliver for clients. I look forward to supporting the management team as they position the business to continue this focus. 

“Australia has one of the best financial services industries in the world and I am confident that Magellan can position itself as the leading funds management business in this market.”

Formica will join the board on 26 July and sit on the audit and risk committee and the remuneration and nominations committee. He has also been appointed to the board of Magellan Asset Management.

His appointment to the asset management board fills the seat vacated by chief financial officer and chief operating officer Kirsten Morton, who stepped away at the start of July.

His appointment brings the total Magellan Financial Group board members to seven, including chief executive and chief investment officer David George.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

22 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago