Colonial First State Global Asset Management (CFSGAM) has named Angus McNaughton as managing director of the company's property division.
McNaughton replaces former CFSGAM Property managing director Darren Steinberg, who has resigned.
Prior to his new role, McNaughton held the position of head of wholesale property funds within the company.
"Angus brings a significant depth of knowledge to the role, including experience in funds management, asset management and development, and has worked for the business in Australia, Singapore and New Zealand," CFSGAM chief executive Mark Lazberger said.
CFSGAM Property has responsibility for around $18 billion of funds under management.
"I would like to thank Darren for his dedication and valuable contribution to the property business over the past five years," Lazberger said.
By resigning, Steinberg relinquishes his role as principal executive officer of Commonwealth Managed Investments.
He has also stepped down as executive director of Kiwi Income Properties, the manager of KIP.
Despite the resignation, Lazberger said there were no further management changes and it was "business as usual at CFSGAM Property".
