L&G appoints global co-heads of Real Assets

Legal & General (L&G) has named Tim Morris and Philipp Westermann, formerly co-managing partners of Proprium Capital Partners, as global co-heads of Real Assets within its Asset Management division. 

L&G

These appointments aim to bolster L&G's leadership and integrate Proprium following L&G's acquisition of a 75% stake in the global real estate investor.
Morris and Westermann will spearhead the growth of infrastructure and real estate strategies into new markets like Asia, Europe, and the US. Their objective is to enhance L&G's Global Real Assets offerings and help achieve the target of over £85 bn (€99 bn) in private markets AUM by 2028, building on the current AUM of over £70 bn (€81 bn).
In their new roles, Morris will primarily lead L&G’s Global Real Assets proposition, while Westermann will focus on the continued growth and strategic alignment of Proprium Capital Partners within the broader L&G Real Assets business. Both bring over 60 years of combined experience in global real estate investment from their previous roles at Proprium and Morgan Stanley, leveraging their extensive networks and track record to scale private markets platforms.
Eric Adler, CEO, Asset Management at L&G, commented: “Tim and Philipp have built a proven partnership over many years, and their appointment is a signal of how well our organisations are working together. They bring complementary strengths and a shared vision to drive our Real Assets strategy forward, and I am delighted to welcome them to our leadership team. Their appointments mark the next phase of our Asset Management strategy and reposition the business for long-term global growth.”
António Simões, group CEO at L&G, said: “Global scale and accelerated growth in Real Assets is central to achieving our ambitions in private markets. Bringing Tim and Philipp into L&G is another important milestone as we build a growing, simpler and better-connected business that delivers value for our clients and shareholders."
Tim Morris and Philipp Westermann, global co-heads of Real Assets, Asset Management at L&G, added: “Combining Proprium’s expertise and entrepreneurial approach with L&G’s scale and balance sheet capital, puts us in a formidable position to attract further third-party capital and deliver innovative, market-leading Real Assets strategies. We believe our shared growth ambitions across the investment spectrum will unlock substantial growth in new markets and drive significant value creation for our clients.”