Franklin Templeton has announced a raft of manager changes across its emerging market equity funds, with Mark Mobius being assigned a new deputy in several cases, Citywire Global can reveal.
The veteran investor, who is also executive chairman of the Templeton Emerging Markets Group, had been sole lead across several funds across a wide array of developing world strategies.
The changes, three of which came into effect on January 1 with three awaiting regulatory approval, will see Mobius assigned a co-lead manager. Meanwhile, his existing deputy on a seventh fund has been changed.
Among the most prominent changes, Allan Lam, who is named on several US-domiciled fund, will serve as co-lead manager on the $5.37 billion Templeton Asian Growth fund. Mobius has run this fund on his own since its launch in 1991.
Lim continues to run several funds covering broad emerging markets and Asian equities. He has also taken up the role of co-lead alongside Mobius on the Templeton ASEAN fund and moves from deputy to co-lead manager on the Templeton BRIC fund as part of this reshuffle.
This move also coincides with Tom Wu stepping back from the $701 million BRIC fund, although he retains his role on the US-domiciled version of the fund as well as several other strategies alongside Mobius.
Elsewhere, Eddie Chow has been assigned as co-lead manager to the Templeton China fund, which has $617 million assets. Chow has worked alongside Mobius on the Templeton China Opportunities fund since November 2012.
The three pending changes, which are expected to be confirmed in March, will see Gustavo Stenzel, who is a director of Latin American strategy within the emerging groups, named as a co-lead manager on the $892 million Templeton Latin America fund.
In addition, Gzegorz Konieczny will be assigned as co-lead manager to the Templeton Eastern European fund, which Mobius has overseen for almost 20 years, having overseen its launch in November 1997.
Another high-profile move will see Carlos Hardenberg, who replaced Mobius on the UK-domiciled Templeton Emerging Markets Investment Trust last summer, assigned as a co-lead on the $916 million Templeton Frontier Markets fund.