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Press release
L&G appoints Tim Morris and Philipp Westermann as Global Co-Heads of Real Assets in Asset Management global growth drive
Industry veterans bring private markets expertise to new roles, supporting further alignment of L&G and Proprium Capital Partners.
28 Jan 2026
Full press release
- Deepens partnership following L&G’s acquisition of 75% stake in Proprium, announced May 2025
- Appointments to accelerate delivery of L&G's private markets growth ambitions
L&G has today announced the appointments of Tim Morris and Philipp Westermann, Co-Managing Partners of Proprium Capital Partners (Proprium), as Global Co-Heads of Real Assets. The hires will further 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, a global real estate investor.
L&G’s £1.1 trillion Asset Management business sits at the heart of the Group’s strategy, with scaling global private markets a key growth priority. Building on its strong position in UK private markets, Tim and Philipp will drive the expansion of Infrastructure and Real Estate strategies across new markets, including Asia, Europe and the US, further strengthening L&G’s Global Real Assets proposition and supporting delivery of its over £85bn private markets AUM target by 2028. L&G's private markets business has already grown significantly, with latest AUM at over £70bn1.
In dual leadership roles, Tim will take primary responsibility for leading L&G’s Global Real Assets proposition. Philipp 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. His leadership will be critical to Proprium's expansion following L&G's strategic acquisition.
With over 60 years of combined experience in the industry, Tim and Philipp bring exceptional global real estate investment expertise from leadership roles with Proprium and Morgan Stanley’s Real Estate platform. They will leverage a combination of deep global investor networks and a long track record of success in building and scaling successful 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: “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.”
References
1£71bn as at Q3 2025.
Further information
