Renowned emerging markets investor Mark Mobius will pass portfolio management responsibilities to Stephen Dover when he steps down from day-to-day management at the Emerging Markets Group at Franklin Templeton.
The asset manager announced last year that Mobius would be be stepping aside from day-to-day portfolio management of the Templeton Emerging Markets Investment Trust, passing the lead manager reigns to Carlos Hardenberg.
Mobius will remain executive chairman and retain portfolio responsibilities, but Stephen Dover, chief investment officer of Franklin Local Asset Management, will assume responsibilities for day-to-day management of the Templeton Emerging Markets Group and will become CIO of the division.
The move, effective April 15, will bring the Franklin Local Asset Management team and the Emerging Markets Group under one umbrella, but the company emphasised that they were not merging. “Each team will continue to follow their respective philosophies and disciplined approaches,” the asset manager said in a statement.
“This organisational change is in support of the firm’s ongoing focus on succession planning and leadership development, and is aligned with the company’s interest in increasing formal collaboration within our investment teams,” the company said.
Singapore-based Mobius will be expanding his role as a thought leader for the group, sharing his macro perspective with clients globally.
Mobius, who has a doctorate in economics and political science from MIT, has been investing in emerging markets for 40 years and joined Templeton in 1987.
The Franklin Local Asset Management team, which Dover oversees, manages products in 14 markets globally.