Mark Mobius is to step back from day-to-day management of the Templeton Emerging Markets Group (TEMG) as it combines with Franklin Local Asset Management’s (LAM) emerging market equity team.
The two divisions will be brought together under one “umbrella” as of April 15, the firm said. Stephen Dover will become chief investment officer at TEMG, responsible for overseeing emerging markets strategies, investment processes, resources, and other day-to-day managerial matters.
Mr Dover, who will also keep his current role as CIO of LAM, will take over the running of TEMG from Mr Mobius, who will remain in the role of executive chairman.
Franklin Templeton added Mr Mobius “is not planning to retire”, saying he will “continue to share his perspective on investment opportunities across emerging markets, and will remain involved with the investment team”.
In a letter to investors the company noted: “Dr Mobius will retain his current portfolio management responsibilities and will continue as a key spokesperson in sharing his perspectives across emerging markets.
“Bringing the firm’s two equity emerging markets teams under one leader will foster additional formal collaboration, including the sharing of investment ideas and research. As seasoned and experienced industry professionals, Dr. Mobius and Mr Dover bring a tremendous amount of valuable expertise.
“Their collaboration through this transition period is certain to position the teams well for future success and pave the path for succession planning for Dr Mobius.”
