Former fund management CEO joins Magellan
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.
AUTHOR
Laura Dew
Recommended for you
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
Research by Morningstar has found fixed income funds are bucking a general trend around managed fund fee dispersion with a smaller fee dispersion compared to equity ones.
As investors seek to diversify their portfolios, the naming of bond labels has broadened out to include green, social and impact bonds, according to the annual RIAA report.
