Emerging markets veteran Mark Mobius is to hand over the day-to-day responsibility for the Templeton Emerging Markets Group later this month as the firm starts to kick in its succession plan.
While Mobius plans to step back on April 15, he will stay on as executive chairman of the emerging markets team.
The daily management of the Templeton Emerging Markets Group will be transitioned to Citywire A-rated Stephen Dover, chief investment officer of Franklin Local Asset Management, which oversees investment functions of locally managed and distributed products in various countries.
It is understood the move follows a lengthy period of succession planning and is designed to bring the emerging markets equity team under one umbrella.
In addition to retaining his executive chairman post, Mobius will continue to be a named manager across a host of emerging market equity funds. He will also further develop his role as a spokesperson for the company.
Dover will work closely with Mobius to ensure an effective transition in roles, which will see Mobius operate in an advisory role as the team becomes aligned.
Despite adopting the new role, Dover will continue to oversee several emerging market equity funds, which include the Franklin World Perspectives and Franklin Global Sukuk funds, as well as MENA, Japan and India strategies.
This marks the second major change within the emerging market equity team since the start of the year. In January, Franklin Templeton announced several adjustments to fund manager roles, largely within the teams working on funds overseen by Mobius. As of December 2015, Templeton's EM equity team managed around $25.3 billion.