Lockdown diaries: LGIM’s head of real assets Bill Hughes

Bill Hughes is head of real assets at Legal & General Investment Management, overseeing the company’s investments across property and infrastructure. Here, he outlines a working day during lockdown, from negotiating with landlords and government, through to an evening “quarantini”. A model day starts with me getting up early enough to do some exercise. Today, 13 May, I am clipped into the cleats of my bike by 7am for a quick sprint around Victoria Park. As we all look for order amongst the chaos, I have tried to impose as much of a routine as I can. When I’m not cycling, I try and fit in some weight training based on a programme from Roar, which I absolutely hate until afterwards. I need the energy release from exercising to kick-start my day. Oh, and three strong coffees. After my morning exercise fix, the virtual meetings start. I take a “camera on” approach to the majority of them and find the link between individuals’ homes brings a new type of connection. The likes of Zoom, MS Teams and Skype have been something of a revelation in this new working environment. My calls range from discussions with senior executives at L&G, major pension funds, banks, occupiers, agents and landlords, to conversations with local and central government. The ongoing dialogue between landlords and government is critical. We have multiple ongoing conversations using L&G’s wider platform and influence to discuss how we can help to get the UK economy to the other side with as little damage as possible. Since the start of lockdown, government policy was lopsided, with favour falling firmly with occupiers. It made knee-jerk decisions to support tenants at the expense of owners. If the government fails to produce something that is more balanced now, then there is a worry that the case for long-term investors to invest in the built environment is undermined. There is a heightened need to engage with industry leaders and government, and today collaboration has never been stronger. I know that government has recognised this imbalance and I am hopeful that it will be redressed. I have the privilege of eating my lunch with an eavesdropped rendition of La Traviata by Verdi. My neighbour is an international opera singer who was meant to be performing in New York. I have happily synced my lockdown routine with his and my kitchen is right next to where his piano is stationed. Who knows, by the end of lockdown I may have learnt some new tricks to kick-start my own opera singing career. They say Covid is a great time to learn new skills. Like many, I am missing the social interaction and practicality that comes with working in the office and look forward to returning. But, for now, I am taking advantage of the benefits my home environment currently offers.  I have frequent meetings with colleagues across L&G. Since we entered lockdown, I have been working my way through the Real Assets team. It has been good to check in with everyone on their health and wellbeing and ensure that they are managing OK. Given there are around 200, I’m still making my way through and I am about halfway now. Today, I speak to Jas Chahal in the solutions team. She is focused on working through the practical implications of how to manage the crisis that Covid-19 has created, as well looking to the longer-term opportunities beyond the pandemic. I have found that we are more connected to some colleagues than ever before. There are some who I rarely saw because they worked on different floors, or buildings, but we are now frequently meeting via video conferencing.  Everywhere I look I have seen a real growth in collaboration between people who previously struggled to find the time for this type of close communication.  I move around the house throughout the day. I’m lucky enough to have a fair amount of space. The mornings are spent in my study, and if it’s sunny I do some work out on the terrace as a chance for some fresh air. Later, for my less formal chats, I move to my James Bond villain-esque chair where my black and white cat inevitably joins. At 3pm I have a call with the Property Industry Alliance. I am chair of the PIA and since Covid-19 began to dominate the headlines, all eight members have met for a daily call. We are working to ensure that valuers take a consistent approach to the future removal of material uncertainty clauses and engaging with the government on behalf of occupiers and landlords. The PIA plays a critical role here, it is enormously important for key industry bodies to stay joined up. From about 7.30pm onwards I step away from video conferences and catch up with my e-mails. I’ve found the intensity of back-to-back video conferences quite surprising – I didn’t realise how much I valued the short walk between meeting rooms. It allows your brain a quick break to reset. My Wednesday evenings are spent with my fellow directors for a mid-week drink, known as “quarantinis”. It’s a great addition to my week, allowing for team camaraderie. My drink of choice is G&T. I alternate between Salcombe Gin and Waitrose house gin. Top tip – put the tonic in before the gin.