Prudential chairman Paul Manduca has been appointed non-executive director of the board of Templeton Emerging Markets Investment Trust starting on 1 August 2015.
Manduca will replace Peter Smith who is stepping down as chairman of the board at the end of this year.
Manduca has been chairman at the Prudential since May 2012. At Prudential Manduca was originally appointed as an independent non-executive director in 2010, before being named senior independent director in January 2011.
Before Prudential he was Deutsche Asset Management European chief executive from 2002 to 2005, Rothschild Asset Management global chief executive from 1999 to 2002 and Threadneedle Asset Management founding chief executive from 1994 to 1999.
Smith says: “After serving on the TEMIT Board for 11 years, eight of which as chairman, I have made the decision to step down from the board later this year. I am delighted to announce that Paul Manduca will be taking over from me as chairman in due course.
”Paul has a long and successful career in asset management, both as a fund manager and as chief executive of fund management groups, including Threadneedle Asset Management, Rothschild Asset Management and Deutsche Asset Management Europe.”
Prudential has recently named its new chief executive as Mike Wells, its former US chief, who will replace the departing Tidjane Thiam.