Mark Mobius, one of the world's best-known emerging markets investors, is taking the next step in his ongoing succession planning, by formally handing control of Franklin Templeton's suites of European and US mutual funds to the next generation.

The changes affect 21 Templeton mutual and closed-end funds in all, 13 in Europe and eight in the US. The firm announced the changes in two market statements on March 21, one in Europe and one in the US.