A veteran international equity portfolio manager is to retire from Franklin Templeton Investments next May spurring management changes across three funds, Citywire has learned.
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 is currently a manager on the $22.3 billion Franklin Mutual Global Discovery fund, the $2.6 billion Franklin Mutual European fund and the $215.2 million Franklin Mutual International fund.
At the end of the year, Franklin will add a new manager to each fund to ultimately replace Brugere-Trelat.
All 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.
Rankin will be added to the Franklin Mutual International fund, joining Citytwire A-rated Andrew Sleeman.
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.