World Markets

Mobius to step down from Templeton's £1.9bln EM Investment Trust

Mark Mobius, executive chairman of Templeton Asset Management's Emerging Markets Group
David Rochkind | Bloomberg | Getty Images

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.

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He will also continue as executive chairman of the Templeton Emerging Markets, 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.

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"(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.