Mark Mobius has been replaced as lead portfolio manager on the Templeton Emerging Markets Investment Trust, with Carlos Hardenberg taking over.
Hardenberg is senior vice president and managing director of the Templeton Emerging Markets Group and will take up the new role in October, after relocating to London.
Mobius will remain portfolio manager on the £1.9bn fund, supporting Hardenberg, and will continue as executive chairman of Templeton Emerging Markets Group. Hardenberg will be supported by Chetan Sehgal as senior research analyst.
Franklin Templeton says it regularly reviews its portfolio managers.
Templeton Emerging Marketis Investment Trust chairman Peter Smith says: “We believe that the appointment of Carlos Hardenberg as lead portfolio manager, supported by Mark Mobius and Chetan Sehgal, will provide renewed focus for the next stage in the company’s development.
Mobius adds: “The appointment of Hardenberg as lead portfolio manager with continued support by Sehgal as senior research analyst on TEMIT, is an acknowledgment of their significant contributions to the Templeton Emerging Markets team and TEMIT’s desire to benefit from a more dedicated application of their considerable skills to the TEMIT portfolio.”