The news follows as executive chairman Mark Mobius retired as of yesterday and relinquished his post as portfolio manager on TEMIT.
Following Mobius’ announcement last month, the firm said the fund would continue to be overseen by Hardenberg with assistance from deputy manager Chetan Sehgal, after his departure.
However, Templeton has now appointed Sehgal, senior managing director and director of portfolio management, to take over Hardenberg’s role as lead portfolio manager of TEMIT.
Sehgal has worked closely with Hardenberg and Mobius as portfolio manager and senior research analyst for the past two years and has 22 years’ experience in the industry. He will oversee Franklin Templeton’s global emerging markets strategy.
The firm said that during the two years, Sehgal has been a key contributor in driving TEMIT’s performance.
Stephen Dover, head of equities at Franklin Templeton Investments, said: “Chetan is a veteran emerging markets investor and this appointment recognizes his significant contribution to TEMIT and his leadership across our emerging markets strategies.
“While we periodically make changes to portfolio management assignments, our emerging markets strategy and approach has remained true to the legacy of Sir John Templeton and the time-tested Templeton investment philosophy of bottom up, long-term, value oriented emerging markets investing.”
The firm also put out a Stock Exchange announcement and said Hardenberg is leaving to pursue other opportunities.
Paul Manduca, chairman of TEMIT, commented: “On behalf of the board, I would like to thank Carlos Hardenberg for his contribution to the company over the past few years.”
Meanwhile, Franklin Templeton appointed Manraj Sekhon as chief investment officer (CIO) of emerging market equity yesterday.
