First State property equity boss Nicholas departs
First State Investments’ star property equity fund manager Andrew Nicholas has left the firm after six years.
The head of property securities has led First State’s £149m Global Property Securities fund to the top of the IMA Property sector in terms of its performance over the past three and five years.
He also took the £9.1m Asian Property Securities fund to the top quartile of the sector, based on five year performance.
The group said it was replacing Mr Nicholas with Stephen Hayes as head of property securities. He will be based in Sydney where the company is known as Colonial First State Global Asset Management.
Mr Hayes previously worked at the firm but left in 2006 to join another Sydney-based asset management company. Mr Hayes is expected to join the company on Monday September 10 2012.