Global market news: Mark Mobius, one of the pioneers of emerging-market investing, has announced he would step down from his firm after a 40-year career in asset management and would shift focus to entrepreneurship investments and consulting.
“It’s been an incredible journey at Mobius Capital Partners, where I witnessed its growth and success, going forward, I will be shifting my focus and dedicating more time to exciting new projects in Dubai, centred around entrepreneurship investments and consulting. I also have two new books coming out soon so stay tuned for more updates,” Mobius wrote on X (formerly Twitter) on November 13.
Earlier, Bloomberg reported that Mobius plans to step back from the namesake investment firm he co-founded five years ago.
“London-based Mobius Investment Trust will continue to be managed by Mobius Capital Partners LLP, which is led by Founding Partner Carlos Hardenberg, according to a statement from the trust on Friday. The fund had $250 million in assets under management as of February,” according to the Bloomberg report.
“Mobius, 87, set up his investment management firm in 2018 after retiring from Franklin Templeton Investments, to raise about $1 billion within two to three years. The focus of the fund was developing regions such as China, India, Latin America and frontier markets,” the Bloomberg report added.
Meanwhile, Mobius is bullish about the Indian market. As Mint reported earlier, Mobius expressed his confidence in India’s economic growth and said, “ Sensex is poised to soar to new heights, with a target of 100,000 within the next five years.”
“India’s dynamic and diverse economy is a testament to its strengths. Its linguistic and cultural diversity, which some may perceive as a weakness, is a formidable asset,” said Mark Mobius at the Morningstar Investment Conference held in Mumbai.
“As we look ahead, India’s future is exceptionally promising. It is a land of opportunities and innovation, with the potential to play a pivotal role in the global financial arena,” he added.
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Updated: 13 Nov 2023, 11:19 AM IST