Andrew Formica, who retired from his role as CEO of Jupiter Asset Management last year, has joined Australian firm Magellan Financial Group as a non-executive director.
Formica stepped down as CEO of Jupiter in October last year after three years at the helm, prior to which he was chief executive at Henderson from 2008, before becoming co-CEO when it merged with Janus to create Janus Henderson in 2017.
The Australian native jokingly told media when he announced his retirement that he planned to "sit at the beach and do nothing" back home.
A post on Magellan Asset Management's website stated that Formica was appointed as a non-executive director today (26 July).
In a statement on the Australian Securities Exchange (ASX), Magellan's chair, Hamish McLennan, said the board welcomed Andrew's extensive experience as an executive and director in the funds management industry.
He said: "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 joined the board on 26 July and will also 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.
