Magellan Financial Group has announced that Andrew Formica is to join its board as non-executive director from 26 July 2023.
In addition to his appointment to the board of Magellan Asset Management, Magellan’s main operating subsidiary, Mr Formica will join both the audit and risk committee and the remuneration and nominations committee.
Mr Formica brings 30 years of experience in funds management to the role, including his three-year stint as chief executive officer and director of Jupiter Asset Management from 2019 to 2022.
He was also serving as chief executive of Henderson Group at the time of its merger with Janus Capital in 2017 and became co-chief executive of Janus Henderson that same year.
Formerly, Mr Formica was deputy chairman of the board of the Investment Association and a board member of Hammerson Group.
According to Magellan, his appointment forms part of an ongoing board renewal process, which was previously announced to shareholders.
Commenting on the move, Magellan chairman 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,” Mr McLennan continued.
Mr Formica added that he looks forward to working with the board as the business looks towards further opportunities for growth.
“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,” he said.
“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,” Mr Formica concluded.
At the firm’s AGM last October, Magellan chief executive officer David George pledged that Magellan would become a fund manager of global scale, with $100 billion in funds under management (FUM) after five years.
However, in an update to the ASX earlier this month, the fund manager reported $39.7 billion in FUM as at 30 June 2023, down from $41.4 billion in May, the firm’s first time at sub-$40 billion in assets under management since April 2016.