First State Investments, also known as Colonial First State Global Asset Management in Australia, has appointed Stephen Hayes as head of property securities, based in Sydney.

Hayes originally joined First State in 1999 and was responsible for establishing and building the global property securities business.

He left in 2006 to join another Sydney-based fund manager.
 
David Dixon, First State chief investment officer, says: “Stephen is a disciplined investor with an established investment process and a proven long-term performance track record and re-joins us with a shared goal of establishing First State as a global leader in real estate securities.
 
“We will continue to have team members based in Sydney, New York, London and Hong Kong; we believe that a global approach – employing specialist property investors in each region – is the most effective way to manage global property securities portfolios and deliver superior investment returns for our investors.”
 
This change in leadership is a result of the resignation of Andrew Nicholas who has left First State to pursue new opportunities.
 
Hayes will commence in his role at First State on 10 September 2012.