Veteran investor Mark Mobius will step down from his role as lead portfolio manager of Templeton's 1.9 billion pound ($2.95 billion) 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 Hardenburg 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 ($41.62 billion) 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.