Jupiter Fund Management has named Andrew Formica as its new CEO, replacing Maarten Slendebroek who has headed the firm since 2014.

Slendebroek will step down as CEO and director from 1 March 2019. Formica is expected to assume the role of CEO on that date, subject to regulatory nod.

However, Slendebroek will remain with the firm till 1 May 2019 in order to ensure a smooth transition, Jupiter said.

Formica is the ex-CEO of Henderson and later co-headed the merged group Janus Henderson along with Dick Weil.

Formica quit Janus Henderson last year, leaving Weil in sole charge of the business.

Jupiter chairman Liz Airey said: “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.

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“He is handing over the business in very good shape and will leave in due course with our very best wishes.

“We are delighted to have secured someone of Andrew’s calibre to succeed Maarten and are particularly appreciative of Maarten agreeing to step down early and remain for a handover period to work with Andrew to ensure a smooth transition.”