A veteran international equity portfolio manager is to retire from Franklin Templeton Investments next May.
As orginally reported by Citywire USA, Philippe Brugere-Trelat, who has been with the firm for 23 years over two spells, will retire in May 2018 and leave behind several funds and strategies.
Brugere-Trelat manages three funds, including the Ucits compliant Franklin Mutual Global Discovery and the Franklin Mutual European funds as well as the US domestic Franklin Mutual International fund.
At the end of the year, Franklin will add a new manager to each fund to ultimately replace Brugere-Trelat.
The three funds are part of the Franklin Mutual Series, a range of seven value-oriented equity funds. They are run by a team 28 managers and analysts who are based in Short Hills, New Jersey and oversee $68.4 billion in assets, as of September 30.
Christian Correa will be appointed to the Franklin Mutual Global Discovery fund, joining Peter Langerman, chief investment officer of the Franklin Mutual series, and Timothy Rankin.
Mandana Hormozi will be added to the Franklin Mutual European fund, which she will manage alongside Katrina Dudley.
After his retirement from fund management, Brugere-Trelat will remain with the firm in a consulting role until later in 2018.
He joined Franklin Templeton in 1984 and spent 10 years managing European investments until leaving in 1994 to be principal at Omega Advisors, a position he kept until 1996 when he became president and portfolio manager of Eurovest. He rejoined Franklin in 2004.
A spokeswoman for Franklin Templeton said the Mutual Series had an experienced leadership team who remained committed to delivering returns for clients.