Mark Mobius steps down from Templeton's tob job after 26 yrs
Mobius, one of the pioneers of emerging markets investing, is to hand over his responsibilities to Carlos Hardenberg.
Reuters London Last Updated: July 14, 2015 | 16:17 IST
Former Chairman of Franklin Templeton's Emerging Markets Group Mark Mobius Photo: Reuters
Veteran investor Mark Mobius will step down from his role as lead portfolio manager of Templeton's 1.9 billion-pound emerging markets investment trust, though he continues to lead the broader emerging markets group, the company said on Monday.
Mobius, one of the pioneers of emerging markets investing, is to hand over to Carlos Hardenberg as of October 1 2015, subject to regulatory approvals but will stay on as a portfolio manager on the fund, Templeton said in a statement.
He will also continue as executive chairman of the Templeton Emerging Markets Group , which manages the investment trust. The group was set up in 1987 and managed 26.8 billion pounds ($41.64 million)as of end-March 2015.
"(Mobius) remains fully engaged in the team's research and investment activities," the statement said.
Hardenberg currently is Templeton's managing director for Turkey and is also in charge of frontier markets strategy.
Mr Mobius, 78, will remain on the portfolio management team of the trust, which is often known as Temit.
TEMIT, which was launched in June 1989, was one of the first dedicated emerging markets funds in the UK to offer access to some of the fastest growing economies around the world. It's research-driven investment approach and strong performance has helped it to grow to be the largest emerging market investment trust in the UK, with assets of 2 billion pounds as at 31 March 2015.