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He has been replaced by Stephen Hayes, who rejoins from Australian fund manager Perennial Real Estate Investments, having earlier left First State in 2006.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 Marco van Bussel, has returned 24.3% since August 2007, according to Morningstar. Over the same period the sector has lost 14.2%.

Nicholas joined First State in 2006 from UBS Global Asset Management's property desk.

David Dixon, the group's chief investment officer, said First State will continue to maintain a global approach towards investing in property.

"I would like to thank Andrew for his contribution to our Global Property Securities business over the past six years, the past three of which were as head of property securities. He leaves with our best wishes for the future," added Dixon.