Magellan adds former Janus Henderson CEO to board

Magellan Financial Group has appointed former Janus Henderson co-chief executive to the board as a non-executive director.

Andrew Formica has 30 years of experience in leading and growing investment businesses within the funds management industry globally, 14 years of which were as a chief executive.

Most recently, he was chief executive of Jupiter Asset Management. He stepped down from that position last year after three years at the helm.

Formica was previously chief executive of UK asset manager Henderson from 2008 and became co-chief executive when it merged with US firm Janus to form Janus Henderson in 2017.

He worked at Henderson from 1993 and held various senior roles, including joint managing director of Henderson's listed assets business and head of equities.

Formica started his career as a fund manager with AMP Capital, initially on the actuarial side, before moving to their investment management department in 1993.

In 1996, he transferred to London and joined Henderson in 1998, when Henderson merged with AMP Asset Management.

Magellan chair Hamish McLennan acknowledged Formica'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."

Formica responded that he had always admired Magellan's ability to innovate and evolve to stay on top of the industry and deliver for clients and he looked forward to supporting the management team as they position the business to continue this focus.

"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," he added.

Formica will join the audit and risk committee and the remuneration and nominations committee.

He will also sit on the board of Magellan Asset Management, the group's main operating subsidiary.

His appointment to the asset management board fills the seat vacated by chief financial officer and chief operating officer Kirsten Morton, who stepped down at the start of July.