Legal & General (L&G) has appointed Tim Morris and Philipp Westermann, co-managing partners of Proprium Capital Partners (Proprium), as global co-heads of real assets.
The appointments will strengthen L&G’s asset management leadership team and deepen the partnership between the businesses, following its strategic acquisition of a 75% stake in Proprium.
In their new roles, Morris will take primary responsibility for leading L&G’s global real assets proposition and Westermann will lead the continued growth and alignment of Proprium Capital Partners, providing strategic direction and operational support across the broader L&G real assets business.
Eric Adler, CEO, asset management at L&G, said: “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, added: “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.”
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.”
