Emerging markets pioneer Mark Mobius is finally retiring at the age of 87, leaving his Mobius (MMIT ) investment trust formally in the hands of partner Carlos Hardenberg.

In a stock exchange notice announcing the trust’s five-year anniversary, the company said it had been notified that Mobius would step back from Mobius Capital Partners (MCP), which he co-founded with Hardenberg in 2018. 

In line with best practice, Hardenberg and the other members of the four-strong investment team will buy Mobius’ stake of between 25% and 50% in the MCP.  

‘It’s really all about ensuring a long-term, sustainable business model. And we’ve always had that policy, which meant employees who are dedicated and who are committed have a path into becoming members of the LLP,’ Hardenberg told Citywire.

He and Mobius left Franklin Templeton – where they both had managed Templeton Emerging Markets (TEM ) – to launch the firm with Greg Konieczny in 2018. Konieczny retired in 2020 and his stake was also bought out. 

Mobius (pictured below) said he was ‘proud’ of his team’s ‘strong performance’ that ‘proves that a concentrated and differentiated portfolio of high-quality stocks can generate exceptional returns’.

‘As a shareholder of the MMIT, I will be following the company’s progress closely and will continue to be available to the team and the board,’ he said.

Shares in MMIT – in which Mobius owns a 12.1% stake – were trading just over a penny higher at news of his departure, at 126.6p.

Though Hardenberg will lead the management of the trust, he told Citywire he hopes to fill the newly vacant co-manager position. 

He extended his ‘heartfelt gratitude’ to Mobius for his ‘exceptional contributions to emerging market investing over his long career’, which saw him launch Templeton Emerging Markets as the first listed fund in its sector in 1987.

Maria Luisa Cicognani, chair of MMIT, said she looked forward to ‘continuing to work with Mark, drawing on his support and vast knowledge of emerging markets as MCP progresses with a strong and committed team’.