Legal & General (L&G) has announced the appointments of Tim Morris and Philipp Westermann, co-managing partners of Proprium Capital Partners, as global co-heads of real assets.
The hires follow L&G’s strategic acquisition of a 75% stake in real estate investor Proprium in May last year.
L&G said that Morris and Westermann, who have over 60 years of combined experience in the industry, would help drive the expansion of its infrastructure and real estate strategies across new markets, including Asia, Europe and the US.
In dual leadership roles, Morris will take primary responsibility for leading L&G’s global real assets proposition. Westermann will lead the growth and alignment of Proprium, providing strategic direction and operational support across the broader L&G real assets business.
In a joint statement, Morris and Westermann said: “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.”
CEO, asset management at L&G, Eric Adler, added: “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.”
