Andrew Nicholas joins BNY property subsidiary

Former First State Investments head of global property securities Andrew Nicholas has resurfaced at property specialist CentreSquare Investment Management, a subsidiary of BNY Mellon Asset Management.

Mr Nicholas left First State in August 2012, having led the £213m First State Global Property Securities fund to a five-year return of 24.5 per cent - the best return of any fund in the IMA Property sector in the period to the end of July 2012.

At CentreSquare Mr Nicholas is co-head of real estate securities and part of the team responsible for the €7.3m (£6.2m) BNY Mellon Global Property Securities fund, which is based in Ireland but sold to UK retail investors.

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In the five years to October 8 2013 the BNY fund’s sterling hedged share class has gained 84.9 per cent, compared with the IMA Property sector’s average return 49.3 per cent, according to FE Analytics.