Formica joins from Henderson, where he had been CEO since 2008. The U.K.-based fund management firm had not delved into machine learning techniques before but now has Janus’s INTECH as part of its expanded combined product suite. The quantitative equities platform, which has been managing institutional money since 1987, will be part of a larger focus for Janus Henderson on opportunities in the machine learning, artificial intelligence and big data space going forward, says Formica.
“You will see us continue to invest in new areas and see if we can improve the way our fund managers deliver the returns they do for our clients,” he declared, adding that it was “absolutely” a key area of focus for the firm.
“When I started in the industry 25 years ago you went out and sought ideas. Now there is so much information available the question is how to use it and become effective in that,” he explained.
This summer will mark three years since PIMCO-founder and legendary bond investor Bill Gross departed his home of over forty years in Newport Beach to join Janus in Denver, Colorado. Formica says that Gross is a very talented manager but will not be expected to carry the performance of the asset manager alone.
“His numbers are very, very strong and very, very competitive. But he’s only one of an array of talented managers that we have there. That’s what I think all firms need to have which is a bench strength that covers a diverse range of products and a diverse range of talents.”