New York (Commonwealth Union)_ To support the strategic expansion of the New York-based franchise, DWS has named Blackstone veteran Paul Kelly as global head of its €126 billion alternatives business.
In addition to accelerating the company’s organic and inorganic growth beginning in February 2023, Kelly will be in charge of executing a global cross-product strategy that is cohesive. Kelly will report directly to DWS CEO Stefan Hoops and oversees the firm’s entire alternative investment portfolio, which includes real estate, infrastructure, and liquid real assets.
After working with Blackstone for over four years as a senior managing director and chief operating officer of the credit business, Kelly will join the company. He was responsible for direct lending, insurance, and other private credit strategies.
Prior to that, he worked with JP Morgan for close to 20 years in a number of executive roles, most recently serving as the corporate and investment bank’s worldwide head of strategic market infrastructure. At Bear Stearns, he began his career in stock trading.
“We are happy to have Paul join DWS to head our alternatives franchise. He is an industry veteran with a significant track record in private and public markets,” Hoops said. “With Paul in charge and the help of our seasoned alternatives leadership team, we will be able to realize this company’s remarkable development potential.”
Hoops stated that he anticipates alternatives to continue “its growth trajectory, powered by the surge in retail demand and the attractive return potential given in areas such as real assets and private credit, despite the short-term market turmoil.”
Expressing his delight over the appointment, Kelly said: “To head DWS’s alternatives business, I am thrilled to be joining. The alternatives franchise has a solid basis to seize potential development in private markets because to its lengthy history of investments, worldwide institutional franchise, and established retail presence.”
