L&G has appointed Tim Morris and Philipp Westermann, previously co-managing partners of Proprium Capital Partners (Proprium), as global co-heads of real assets.
According to L&G, the appointments strengthen L&G’s asset management leadership and deepen ties with Proprium following L&G’s acquisition of a 75 per cent stake in the global real estate investor.
Morris and Westermann will jointly oversee the expansion of infrastructure and real estate strategies across Asia, Europe and the US, supporting L&G’s global real assets proposition and its £85bn private markets AUM target by 2028.
In their dual roles, Morris will lead L&G’s overall global real assets business, while Westermann will continue to manage Proprium and ensure its integration and alignment within L&G, providing strategic direction and operational support across the broader real assets platform.
L&G CEO, asset management Eric Adler: “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.”
L&G group CEO António Simões says: “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.”
L&G global co-heads of real assets, asset management Tim Morris and Philipp Westermann says: “It is a very exciting moment to be joining L&G to lead the firm’s Global Real Assets proposition. 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.”
