Effective from 1 October, Mobius will be replaced by Carlos Hardenberg, senior vice president and managing director of the Templeton Emerging Markets Group, who will take up the lead role.
The 78-year-old Mobius will remain with the trust as a portfolio manager under Hardenberg, who is set to relocate to the firm’s London office as part of the shift, while retaining his duties in TEM Group’s investment and research process.
“The Templeton Emerging Markets Group routinely reviews portfolio management assignments and makes changes based on what we believe is in the best interests of our clients,” said Mobius.
“The group and I also continuously evaluate how to bring out the best from our investment talent. The appointment of Mr. Hardenberg as lead portfolio manager with continued support by Mr. 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.”
Launched in June 1986, the £1.6bn TEMIT has delivered a return of -1.7% in the past five years against a sector average of 13.4%.
