The chief executive of Jupiter Fund Management Maarten Slendebroek is to step down earlier than expected to be replaced by former Janus Henderson boss Andrew Formica.
Jupiter’s board had already decided to replace Slendebroek within the next two years, however they brought the date forward to March this year due to Formica’s availability.
Formica, who was also deputy chairman of the Investment Association until September 2018, left Janus Henderson following the company’s decision to scrap its co-chief executive structure last year.
Jupiter chairman Liz Airey said: “On behalf of the board I would like to extend our sincere thanks to Maarten and pay tribute to his significant achievements for this firm, especially following his appointment as chief executive in 2014.
“Maarten was the driving force behind our successful diversification strategy which has taken this firm to a new level, growing substantially from a predominantly UK-focused equities business to one that is today broadly diversified by asset class, geography and channel.
“He is handing over the business in very good shape and will leave in due course with our very best wishes.”
Slendebroek said: “I am particularly pleased that we continued to deliver for our clients, even in more recent times of market volatility, where we maintained strong investment performance after all fees.
“Much has been achieved and so this is the right time for me to hand over.