Philipp Westermann (right) and Tim Morris (left) come from Proprium, in which L&G took a 75% stake in in May 2025.
L&G has selected Tim Morris and Philipp Westermann, co-managing partners of real estate investor Proprium Capital Partners, as global co-heads of real assets.
The pair were selected to bolster L&G's asset management leadership team and strengthen its partnership with Proprium, of which it bought a 75% stake in May 2025.
Morris will head L&G's global real assets proposition while Westermann will take primary responsibility over the growth and alignment of Proprium.
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Utilising L&G's UK private markets position as a launchpad, the two will lead the expansion of infrastructure and real estate strategies across new markets, such as Asia, Europe and the US.
The goal is to boost L&G's global real assets position to £85bn in private markets AUM by 2028. As of Q3 2025, it stood at over £70bn AUM.
Morris and Westermann bring combined experience of over 60 years, having held leadership roles at firms such as Proprium and Morgan Stanley.
Eric Adler, CEO of 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."
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António Simões, group CEO at L&G, added: "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."
Morris and Westermann said: "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."
At an investor event in June 2025, Adler said the company had been focusing on the "need for greater scale in private markets capabilities". L&G then partnered with Blackstone the month after to expand into "highly attractive global wealth and wholesale channels".
