Mobius stepping down as chief of Templeton fund

New York

MARK Mobius, who is credited as a pioneer in emerging-market investing, will step down as the lead manager of one of the oldest developing-nation stock funds after trailing his benchmarks in recent years.

The Templeton Emerging Markets Investment Trust, a £1.9 billion (S$4 billion) fund traded in London and New Zealand, has selected Carlos Hardenberg to take over from Oct 1, it said in a filing. Mr Mobius, 78, will support Mr Hardenberg as a portfolio manager and remain chairman of the Templeton Emerging Markets Group, which oversees US$39 billion in assets, it said.