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Money Management

Mark Mobius to retire from Franklin Templeton on Jan. 31

Mark Mobius will retire from Franklin Templeton (BEN) Investments (BEN) where he is a portfolio manager and executive chairman of the Templeton Emerging Markets Group, confirmed a spokeswoman.

Mr. Mobius, who is based in Singapore, will retire effective Jan. 31.

He is a portfolio manager on the U.K. Templeton Emerging Markets Investment Trust, which will continue to be managed by lead portfolio manager Carlos Hardenberg and deputy portfolio manager Chetan Sehgal.

The spokeswoman added that Mr. Mobius will not be replaced as executive chairman of Templeton Emerging Markets Group. That group is led by Stephen Dover, chief investment officer.

Succession planning by the firm has been completed over the past few years. Mr. Mobius stepped down as portfolio manager on most strategies managed by TEMG in April. Mr. Dover was appointed chief investment officer of the emerging markets group, in additional to his role as chief investment officer of Franklin Local Asset Management, in April 2016. A number of new director appointments and portfolio manager assignments were also announced on strategies in January 2016.

"There is no single individual who is more synonymous with emerging markets investing than Mark Mobius," said Greg Johnson, chairman and CEO at the firm, in a news release. "My colleagues and I are deeply grateful to have had the opportunity to work alongside a legend, and we thank Mark for his many years of dedicated service and tremendous contributions to the firm."

Mr. Mobius joined Franklin Templeton in 1987. The Templeton Emerging Markets Group has more than $28 billion in assets under management.