US investment group Templeton has picked a veteran insider to replace emerging markets chief Mark Mobius who is stepping back from day-to-day responsibilities.
Stephen Dover will become chief investment officer and take over some of Mobius’s responsibilities on April 15, Bloomberg reports, citing a company statement.
Mobius, a pioneer on emerging-markets who has been investing in developing countries for 40 years, will remain chairman of the emerging markets group.
The 79-year-old Mobius said in July that he will retire as the lead manager of the Templeton Emerging Markets Investment Trust, one of the oldest developing-nation stock funds, and that Carlos Hardenberg was selected to take over from October.
Mobius built his reputation by consistently delivering outsized returns earlier in his career but has struggled in recent years as poorly timed investments in commodity and mining companies led to losses.
His flagship US$4.4 billion Templeton Asian Growth Fund lost 27 percent in 2015 compared with an 8.9 percent drop in the benchmark and underperforming 99 percent of its peers, Bloomberg data shows.
Dover, who has more than 20 years of experience in emerging-market investments, oversees the team which manages products in 14 markets around the world, from Brazil to China to Poland and Vietnam.
He will remain chief investment officer at Franklin Local Asset Management.
The decision brings Franklin Local Asset Management team and the Emerging Markets Group under one umbrella.
– Contact us at [email protected]