Andrew Formica became chief executive of fund group Henderson ten years ago while still in his thirties. He went on to purchase Gartmore and New Star and has now merged Henderson with US fund house Janus – creating what is now called Janus Henderson.
In the following interviews he talks about why he did the deal, the challenge of merging two people businesses and finally his views on how Brexit will impact fund management groups.
In the first of three conversations with Citywire’s executive chairman, Lawrence Lever, Formica explains why he thinks the sins of the banking crisis have been visited on asset management groups in the form of excessive regulation.
He reveals why this is inappropriate for fiduciary businesses – such as asset managers – who ring fence clients’ money keeping it separate from their own. In our view the same may be said for wealth managers and financial advisers, applying the same logic.