Snowden was the inaugural member of the property securities investment team and was responsible for portfolio management and research coverage of domestic, Asian and global property securities.
Asia-Pacific senior portfolio manager Andrew Nicholas has replaced him.
“Zenith views the departure of Snowden as a considerable loss, however, we recognise the strong level of depth and experience within the CFS Property Securities team,” the research house said.
The fund has underperformed its benchmark, the S&P/ASX 300 Property Trusts Accumulation Index, over the past 12 months by 11 per cent and by 13 per cent since inception.
This was largely caused by the fund’s investment in mid and small-cap stocks at a time when investors sought refuge in large companies, Zenith said.
