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Mobius drops 12 funds as ‘next gen’ of PMs step up

Mobius drops 12 funds as ‘next gen’ of PMs step up

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.

This move builds on the announcement Stephen Dover had taken over from Mobius as chief investment officer for the Templeton Emerging Markets Group (TEMG) in April 2016.

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 NameCurrent PM TeamNew PM Team (Effective April 3)
Templeton AfricaMark MobiusCarlos Hardenberg
Templeton ASEANMark Mobius (co-lead), Dennis Lim (co-lead)Mark Mobius
Templeton Asian GrowthAllan Lam (co-lead), Mark Mobius (co-lead)Allan Lam (lead), Eric Mok
Templeton Asian Smaller CompaniesMark MobiusChetan Sehgal
Templeton ChinaEddie Chow (co-lead), Mark Mobius (co-lead)Eddie Chow
Templeton Emerging Markets Smaller CompaniesMark Mobius (lead), Dennis Lim, Tom WuChetan Sehgal
Templeton Shariah Asian GrowthAllan Lam (co-lead), Mark Mobius (co-lead)Allan Lam (lead), Eric Mok

Second round of changes

Fund NameCurrent PM TeamNew PM Team (Effective May 31)
Templeton BRICDennis Lim (co-lead), Mark Mobius (co-lead)Chetan Sehgal (co-lead), Carlos Hardenberg (co-lead)
Templeton Eastern EuropeMark Mobius (co-lead), Grzegorz Konieczny (co-lead)Grzegorz Konieczny
Templeton Emerging Markets BalancedMichael Hasenstab (co-lead), Mark Mobius (co-lead), Laura Burakreis
Michael Hasenstab (co-lead), Chetan Sehgal (co-lead), Laura Burakreis, Carlos Hardenberg
Templeton Emerging MarketsMark Mobius (lead), Dennis Lim, Tom WuChetan Sehgal (co-lead), Carlos Hardenberg (co-lead)
Templeton Frontier MarketsMark Mobius (co-lead), Carlos Hardenberg (co-lead)Carlos Hardenberg (lead), Ahmed Awny, David Haglund
Templeton Latin AmericaGustavo Stenzel (co-lead), Mark Mobius (co-lead)Gustavo Stenzel

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