Colonial First State Global Asset Management (CFSGAM) has appointed Angus McNaughton as the new managing director of CFSGAM Property, succeeding Darren Steinberg.
The company said Steinberg had "decided to take up a role external to the business".
McNaughton represents an internal appointment, having previously held the position of head of wholesale property funds at CFSGAM Property, and will retain responsibility for driving long-term strategy and performance across the wholesale property business.
CFSGAM chief executive, Mark Lazberger said Steinberg had relinquished his role as principal executive officer of Commonwealth Managed Investment Limited, and had also stepped down as executive director of Kiwi Income Properties Limited.
He said it was business as usual at CFSGAM Property, with no further management changes.
