Templeton names Dover to replace Mobius as emerging markets head

[NEW YORK] Mark Mobius, who is credited as a pioneer in emerging-market investing, will pass on his responsibilities of overseeing the Templeton Emerging Markets Group to Stephen Dover as he steps down from day-to-day management.

Mr Dover will become chief investment officer of the group and take over some of Mr Mobius's responsibilities on April 15, the company said in a statement. Mr Mobius, who has been investing in developing nations for about 40 years, will remain chairman of the emerging-markets group. The 79-year-old investor announced 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 Carlos Hardenberg was selected to take over from October.

Mr Mobius, who built his reputation by consistently delivering outsized returns earlier in his career, 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 per cent in 2015, compared with an 8.9 per cent drop in the benchmark and underperforming 99 per cent of its peers, data compiled by Bloomberg show.

Mr Dover, who has more than 20 years of experience in emerging-market investments, currently oversees the team which manages products in 14 markets around the world, from Brazil to China to Poland and Vietnam. He will remain the CIO at Franklin Local Asset Management. The decision brings Franklin Local Asset Management team and the Emerging Markets Group under one umbrella, according to the statement.

BLOOMBERG