Hardenberg quits Templeton Emerging Markets trust

Hardenberg quits Templeton Emerging Markets trust

The £2.6bn Templeton Emerging Markets investment trust (TEMIT) has appointed Chetan Sehgal as lead investment manager following the surprise exit of Carlos Hardenberg.

The trust had enjoyed a very strong run of performance under the management of Mr Hardenberg, returning 34 per cent over the past 12 months to 1 February, compared with 19 per cent for the average trust in the AIC Emerging Markets sector in the same time period.

He became lead manager of the trust in 2015, and began to invest more in technology companies in emerging markets, and less in the giant consumer names that dominate the index.

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In a statement to the stock exchange this morning, the TEMIT board confirmed that Mr Hardenberg will leave the company at the end of March to pursue another opportunity.

Mr Sehgal has worked as senior analyst and a portfolio manager of the trust for the past two years.

Paul Manduca, chair of the Templeton Emerging Markets Investment Trust said: “We believe that the appointment of Chetan Sehgal as lead portfolio manager will continue the strong Templeton legacy and will position the Company well for the future, particularly as he has been directing Templeton’s global emerging markets strategy since October 2015.

"The Company’s performance continues to be strong over the last two years and the Board looks forward to working with Chetan and his team.”

The Templeton Emerging Markets Investment Trust trades at a discount to net assets of 9.2 per cent.