Franklin Templeton has announced its long-standing fund manager Mark Mobius will step back as lead manager on his £1.9bn investment trust.
The board of the trust announced this morning Carlos Hardenberg would be named as lead portfolio manager of Templeton Emerging Markets Investment Trust with Mr Mobius still a portfolio manager on the vehicle.
It added Chetan Sehgal, who has worked in the Templeton emerging markets group for 20 years, would continue to work as a senior research analyst on the trust as well. Mr Hardenberg has been with the team for 13 years.
Templeton added Mr Mobius, who has run the trust since 1989, would continue as lead of the emerging markets group.
“The Templeton emerging markets group routinely reviews portfolio management assignments and makes changes based on what we believe is in the best interests of our clients,” Mr Mobius said.
“The group and I also continuously evaluate how to bring out the best from our investment talent.
“The appointment of Mr Hardenberg as lead portfolio manager with continued support by Mr Sehgal as senior research analyst on [the trust], is an acknowledgment of their significant contributions to the Templeton emerging markets team and [the trust’s] desire to benefit from a more dedicated application of their considerable skills to the portfolio.”