Mark Mobius has relinquished responsibility for the majority of his Luxembourg Ucits funds amid sweeping changes designed to further the US asset manager’s succession plans.
Following these latest developments, Mobius will step back from his portfolio manager role on 12 of the 13 Luxembourg-registered funds on which he is either a named lead, co-lead or sole portfolio manager.
In a statement to investors, Franklin Templeton said the changes were designed to recognise the investment leadership roles portfolio managers within the TEMG team had played in recent years.
Mobius will remain executive chairman of TEMG and will be involved in the group’s investment process by participating in research efforts and company visits. This is as well as sharing ideas and engaging with clients and media to share his insights.
The changes are to come in two waves on the Luxembourg-domiciled funds, with the first batch of changes taking place on April 3.
In a formal statement, the company said: ‘Succession planning is, of course, inherent in how the investment teams are managed. As part of Franklin Templeton’s strong governance process, identifying and fostering the next generation of leadership as well as managing transitions are a significant part of our succession planning efforts.’
Amid these moves, Chetan Sehgal, who is director of global emerging markets and small-cap strategies, will become sole lead on the related EM small-cap funds, while frontier specialist Carlos Hardenberg will assume responsibility for frontier-focused investments.
|Fund Name||Current PM Team||New PM Team (Effective April 3)|
|Templeton Africa||Mark Mobius||Carlos Hardenberg|
|Templeton ASEAN||Mark Mobius (co-lead), Dennis Lim (co-lead)||Mark Mobius|
|Templeton Asian Growth||Allan Lam (co-lead), Mark Mobius (co-lead)||Allan Lam (lead), Eric Mok|
|Templeton Asian Smaller Companies||Mark Mobius||Chetan Sehgal|
|Templeton China||Eddie Chow (co-lead), Mark Mobius (co-lead)||Eddie Chow|
|Templeton Emerging Markets Smaller Companies||Mark Mobius (lead), Dennis Lim, Tom Wu||Chetan Sehgal|
|Templeton Shariah Asian Growth||Allan Lam (co-lead), Mark Mobius (co-lead)||Allan Lam (lead), Eric Mok|
Second round of changes
|Fund Name||Current PM Team||New PM Team (Effective May 31)|
|Templeton BRIC||Dennis Lim (co-lead), Mark Mobius (co-lead)||Chetan Sehgal (co-lead), Carlos Hardenberg (co-lead)|
|Templeton Eastern Europe||Mark Mobius (co-lead), Grzegorz Konieczny (co-lead)||Grzegorz Konieczny|
|Templeton Emerging Markets Balanced||Michael Hasenstab (co-lead), Mark Mobius (co-lead), Laura Burakreis||Michael Hasenstab (co-lead), Chetan Sehgal (co-lead), Laura Burakreis, Carlos Hardenberg|
|Templeton Emerging Markets||Mark Mobius (lead), Dennis Lim, Tom Wu||Chetan Sehgal (co-lead), Carlos Hardenberg (co-lead)|
|Templeton Frontier Markets||Mark Mobius (co-lead), Carlos Hardenberg (co-lead)||Carlos Hardenberg (lead), Ahmed Awny, David Haglund|
|Templeton Latin America||Gustavo Stenzel (co-lead), Mark Mobius (co-lead)||Gustavo Stenzel|