Colonial First State (CFS) head of property securities John Snowden has left the company after three years with the firm and will be replaced by former senior portfolio manager for Asia Pacific Andrew Nicholas.
Nicholas joined Colonial First State Global Asset Management in April 2006.
He has spent 21 years working in the property securities industry and has held jobs with UBS Global Asset Management and Deutsche Bank.
"The LPT (listed property trust) securities business continues to be an important part of our global business. We are particularly pleased to appoint an internal candidate of such high calibre to lead our team of portfolio managers and analysts," a CFS spokesperson said.
The reason for Snowden's departure was not disclosed.
Snowden joined the firm in January 2006 from UBS Global Asset Management.
He took the helm of the firm's property securities business following the departure of CFS's entire property securities team to Perennial.
He built the team up and poached some of his former colleagues from UBS Global Asset Management, including Nicholas.
The LPT sector has come under intense pressure after many LPTs recorded massive losses.
The Colonial First State Wholesale Property Securities Fund posted a negative return of 59.43 per cent for the year to March 2009, according to Morningstar data.
The sector remains shaky with the industry benchmark, the S&P/ASX 200 A-REIT Accumulation Index, delivering a negative 57.64 per cent return for the same period.
