First State property head Nicholas exits

First State Investments' head of property securities Andrew Nicholas has left the group to pursue a new opportunity in the industry.

He has been replaced by Stephen Hayes, who rejoins from Australian fund manager Perennial Real Estate Investments, having earlier left First State in 2006. Hayes, responsible for establishing First State's global property securities franchise during his first spell at the company, will be based in Sydney when he rejoins on 10 September. The departing Nicholas is one of just a handful of property fund managers to have delivered a positive return in the IMA property sector over the past five years. The £132m First State Global Property Securities fund, co-managed by Nicholas and Marc...