Franklin Templeton Investments, the US-based fund management house, is planning to launch its first UK equity fund as part of the firm's effort to expand its UK presence.

Martin Cobb has been lured from Scottish Value Management and will join Templeton at the beginning of December to manage the new fund. Cobb previously spent four years with Stewart Ivory as a UK equity manager, having spent six years at Baillie Gifford on the UK equity and Japanese equities teams.