Legal and General Investment Management (LGIM), the investment unit of the eponymous UK insurer, has hired Erik Westermark as senior investment associate.
Westermark joins from Lloyds Banking Group, where he most recently focused on infrastructure, energy and acquisition finance. He was previously at Citi Global Markets in a broader capital markets origination, structuring and advisory role.
His appointment, which brings LGIM’s infrastructure team to six, comes at a time when the asset manager is allocating growing resources to the asset class. Westermark joins less than three months after LGIM hired Declan O’Brien for the newly created role of infrastructure strategist in an effort to bolster its “joined-up” approach to infrastructure and real estate and benefit from “cross-sector synergies.”
The firm in January 2016 merged its infrastructure and property teams to form a single real assets unit. The move saw Bill Hughes, who joined the company in 2007 as managing director of L&G property, take the reins of the new division.
The infrastructure team is headed by Silja Turville, who joined LGIM in 2012, when Legal and General set about to establish an infrastructure investment arm. Initially focused on investing Legal and General’s principal capital, the unit has since opened up to managing third-party funds.
The infrastructure team has closed 18 investments since inception, largely focused on infrastructure debt. The company, however, also benefits from “access to significant equity appetite”, it said in a statement.
LGIM’s current infrastructure portfolio spans transport, renewable energy, communication networks and public-private partnerships.