Beesley, who joined the company in January, will be appointed to the board and promoted to deputy CEO with immediate effect.

Before joining Jupiter, Beesley was the CIO of Artemis Investment Management and has previously served as the head of investments and head of equities at GAM Investments and as head of global equities at Henderson Global Investors.

"Since joining Jupiter, Matthew has clearly demonstrated his strong leadership skills and strategic insights. The board is pleased to have such a strong internal successor to Andrew (Formica)," Jupiter Chairman Nichola Pease said in a statement.

Jupiter said Formica would relocate back to Australia but remain with the company until June 30, 2023 and will assist it with a number of strategic objectives, including supporting the Asian business and development of its Australian market offering.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Amy Caren Daniel and Rashmi Aich)