Magellan Financial Group chair Andrew Formica has joined the board of platform HUB24.
Effective from 1 July, Formica will join as a non-executive director, sitting alongside non-executives Paul Rogan, Catherine Kovacs, Tony McDonald, Rachel Grimes and Michelle Tredenick.
As well as his role at Magellan, Formica is also a non-executive director at Barrenjoey Capital Partners and Vinva Holdings.
Rogan, HUB24 chair, said: “We are pleased to welcome Andrew to the HUB24 board. Andrew’s extensive experience in leading and scaling complex organisations will be an asset as HUB24 continues to grow and deliver on our strategic objectives.”
Formica has over 30 years’ experience in asset management in Australia and the UK including three years as chief executive of fund manager Jupiter Asset Management. He is also a former deputy chair of the Investment Association, the UK’s trade body for investment and fund managers.
The bulk of his career was spent with Henderson Group where he was chief executive for eight years until the business merged with US firm Janus Capital in 2017 upon which he spent a further two years as co-CEO with Janus head Dick Weil.
Other roles during his two decades at Henderson included head of equities and joint managing director of listed assets.
After departing Jupiter, he returned to his native Australia and joined Magellan in 2023, initially as non-executive director then becoming executive chair after the departure of David George later that year.
Formica will also serve on the people and culture, audit and nomination committees.
Earlier this month, the platform appointed Resolution Life’s Nathan Taggart as its head of retail distribution to replace Greg Newman who left after nine years in the role. Taggart was previously general manager for distribution and marketing at Resolution Life and, prior to this, spent more than a decade at Zurich and OnePath.
In its quarterly results in April, the platform saw net inflows of $3.98 billion, a considerable dip on the last three quarters, all of which were above $5 billion, and 19 per cent lower than the prior-corresponding-period (PCP).
Total funds under advice (FUA) reached $151.74 billion across the platform, which had $127.83 billion, and portfolio, administration and reporting services (PARS) at $23.91 billion.
