Franklin Templeton plans to revamp its European equity Oeic following a change of manager on the portfolio.
On 30 September, the £10m Templeton Europe fund will be rebadged as Franklin European Opportunities after management of the portfolio moves over to the Franklin European equity team.
This means Mike Clements, manager of the Franklin European Growth fund, will become lead manager on the portfolio, replacing Heather Arnold, Dylan Ball and Peter Moeschter.
Franklin European Opportunities’ investment objective and investment policy will be amended to allow it to be run in a similar way to the Franklin European Growth fund. It will run a focused portfolio of between 25 to 45 stocks, regardless of size, sector or country.
The asset manager says this is likely to result in the majority of holdings in the fund being replaced by the new portfolio manager, owing to the difference in investment style between the Franklin European equity team and its equivalent at Templeton.
In addition, Franklin Templeton intends to rename the £106m Franklin UK Select Growth fund, which is managed by Ben Russon, Mark Hall and Colin Morton, as the Franklin UK Opportunities fund.
There will be no changes to the fund’s investment objective or process. The firm says the move is being made to provide consistency with other Franklin Templeton funds that have a similar investment style, such as Grant Bowers and Conrad Herrmann’s £24m Franklin US Opportunities fund.