Experienced investor Mark Mobius is retiring from his investment company, ending a 40-year career as an investor, reports the Financial Times.
Through a press release at the London Stock Exchange on Friday it emerged that the investor legend, who is known for investing in emerging markets, wants to retire in the coming months from the company that bears his name and which he founded in 2018.
87-year-old Mobius is one of the industry’s most prominent managers within emerging markets and was among the first to start funds entirely dedicated to such markets over 30 years ago.
Built up huge fund
Most of his career has been spent at Franklin Templeton, where he launched one of the world’s first funds dedicated to emerging economies in 1987. He increased the Templeton Emerging Markets Group’s investments in the sector from $100 million to $40 billion during his time there.
After retiring from Franklin Templeton in 2018, he co-founded Mobius Capital Partners with Carlos Hardenberg and Greg Konieczny, with whom he had also worked at Franklin Templeton.
– Our journey over the past five years has been characterized by progress, and we are sincerely grateful for the results we have achieved. We express our heartfelt gratitude to Mark for his outstanding contribution to emerging market investments throughout his long career, says Carlos Hardenberg, who has worked with Mobius for 23 years.
– Will follow along
The fund, which mainly invests in Taiwan, India, South Korea and Brazil, has produced a return of 26.9 percent since it was founded, and in February it had $250 million under management, writes Bloomberg.
– I am proud of the investment team’s strong performance over the past five years, which shows that a concentrated and differentiated portfolio of high-quality stocks can generate outstanding returns, says Mobius.
– As a shareholder in Mobius Investment Trust, I will follow the company’s progress closely and will continue to be available to the team and the board, he adds.
To the FT, Hardenberg says the departure is going amicably and that new partners in the company will be announced in due course.
Warning against China
Although Mobius focused on emerging markets and Asia, he still warned against investing in China. In March, he told Fox Business that he can’t take his money out of China because of the country’s capital controls.
– I can’t get my money out. Authorities are restricting the flow of money out of the country, Mobius said, adding:
– I would be very, very careful about investing in China.
According to the investor legend, China is now moving in a completely different direction from what the country did under the former leader Deng Xiaoping, who started the major reform program with the Chinese economy.
– I don’t think it’s a pretty picture, when the authorities become more and more control-oriented in the economy.
2023-11-11 07:59:52
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