Mark Mobius, one of the world's best-known emerging markets investors, is to hand the day-to-day management of his Templeton Emerging Markets Group over to a colleague, as the 79-year-old takes the next step in his succession planning.

The changes mean that the Templeton Emerging Markets Group, established by Mobius in 1987, will share leadership with Franklin Templeton Investments' other emerging markets focused business, Franklin Local Asset Management, for the first time.