He will also be relinquishing his post as portfolio manager on the UK-based Templeton Emerging Markets Investment Trust, now led by Carlos Hardenberg. The fund will continue to be overseen by Hardenberg with assistance from deputy portfolio manager Chetan Sehgal come Mobius’ departure.
The news follows an interview in June 2017, when Mobius said he was adamant that he had no plans to retire any time soon.
He said in that interview he wanted to carry on working “until the very last [breath]”, like Hollywood actress Judy Garland.
“Judy Garland dropped dead while she was working. What I do hasn’t changed. I’m still going to visit clients and companies that we invest in. I enjoy what I do and that’s very important,” Mobius said in June.
Emerging markets legacy
Initially hired by the late Sir John Templeton in 1987 to launch one of the first mutual funds dedicated to emerging markets, Mobius has run the Templeton Emerging Markets Group (TEMG) for more than 30 years and has been instrumental in its development.
The group now spans 50 investment professionals across 20 offices and oversees over $28bn (£20.6bn, €23.2bn) in assets under management as of 30 September 2017.
Mobius said on his retirement: “I feel very fortunate to have spent most of my career at Franklin Templeton Investments. I have had the great privilege of working with an emerging markets team that includes some of the most talented and passionate people in the business, a number of whom have been with me for decades. I leave with great confidence in the Templeton Emerging Markets team and leadership at Franklin Templeton.”
Succession planning
The firm has been evolving its EM investment team structure with a focus on succession planning for the past several years.
In early 2016, Stephen Dover was named chief investment officer of TEMG, at which point he assumed Mobius’ day-to-day management of the team and other senior members took over the daily management of the group’s funds.
Transition period
Last March, Mobius stepped down from the majority of his fund management duties.
Since transitioning away from his managerial duties, Mobius has continued to share his insights and expertise with the TEMG professionals and the market more widely and has served as an external spokesperson for the group.
“There is no single individual who is more synonymous with emerging markets investing than Mark Mobius,” said Franklin Templeton chairman and CEO Greg Johnson.
“Mark has been an investor through historically transformational times in emerging markets and later frontier markets. Over the last three decades, Mark has built a team of talented research analysts and portfolio managers around the world, and has generously shared his experiences with an audience that spans the globe. We wish him all the very best in his future endeavours, as we do not expect retirement will slow him down very much.”
Mobius’ successor, Dover, added: “We do not expect Mark’s retirement to cause any disruption to our clients, and Templeton Emerging Market Group’s time-tested philosophy and disciplined approach will remain the same.”
Franklin Templeton could not confirm Mobius’ plans after he formally retires from the firm but said: “We expect Mark will continue to travel the world, as well as follow the emerging markets and be an active investor personally.”
