Emerging markets veteran Mark Mobius is stepping down as lead manager of IC Top 100 Fund Templeton Emerging Markets Investment Trust (TEM) from 1 October.
Carlos Hardenberg, a senior vice-president and managing director in the Templeton Emerging Markets Group, will take over. However, Dr Mobius, aged 78, will continue to be a portfolio manager on the trust, as well as leading Templeton Emerging Markets Group. The trust's board says he will remain fully engaged in the team's research and investment activities.
The announcement follows a difficult period for the trust, which has lagged behind the MSCI Emerging Markets Index for the past five of its financial years. It also underperformed the index on a cumulative basis over one, three and five years, and is trading at a discount to net asset value (NAV) of 11 per cent.