Templeton Emerging Markets Group (TEMG) has appointed two co-lead managers to its Global Emerging Markets fund replacing executive chairman Mark Mobius.
Mobius is stepping down from the fund’s portfolio management team, however will remain as executive chairman of the group.
He will also continue to be involved in the investment process, by participating in research efforts and company visits, sharing investment ideas and engaging with clients and media.
Hardenberg is currently the group’s director of frontier-markets strategy while Sehgal serves as its director of global emerging markets/small cap strategies.
The £25 million fund has seen strong performance returning 42.20% over one year compared to its benchmark, MSCI Emerging Markets Index, returning 35.23% over the same period.
Commenting on the appointment Hardenberg said TEMG saw a return to form for emerging markets in 2016 after a prolonged period of repair and gradual recovery.
He added that there is a resurgence in investor confidence due to 'stronger earnings growth, higher economic growth and robust consumer trends'.
He said: ‘We believe the recent improvement in emerging market fundamentals is supportive of continued strength in emerging market equities, and that valuations remain attractive relative to developed markets. In fact, we have rarely seen such elevated discounts as those which emerging markets are presently trading on.
‘While we are mindful of potential volatility caused by increases in US interest rates, uncertainty about the trend of global trade relationships and currency moves we remain optimistic that recent performance is an indication of future growth.’