Jupiter Fund Management PLC (LSE:JUP) shares rose then fell as investors mulled the news that chief executive Andrew Formica is leaving later this year, with former Artemis, GAM and Henderson investment chief Matthew Beesley set to take over.
Beesley will take over in October, the FTSE 250 group said, when Australia-born Formica returns to his homeland, where he will stay working for the company until the end of next June, helping support the Asian business and development of an Australian offering.
Formica took over in March 2019, but was soon hit by star fund manager Alexander Darwall heading for the exit door.
Beesley joined Jupiter in January this year as chief investment officer and the board was said to have been “impressed with his strategic insights, leadership skills and unwavering focus on client outcomes”.
Chair Nichola Pease said: “The board is pleased to have such a strong internal successor to Andrew and is confident his energy, experience and expertise will help drive forward the group's strategy, for the benefit of all of our stakeholders."
For his part, Beesley highlighted "the talent we have across the firm, and the focus of the business on delivering excellent outcomes for our clients.
“We have made the right strategic changes to put Jupiter on the best trajectory to long term growth and I look forward to playing my part in delivering on our significant potential,” he said.
The shares were down 1.8% to 154.50p after almost an hour of trading, less than half the level when Formica took over.