DWS appoints Paul M. Kelly head of Alternatives business in strategic growth push

1 December 2022

DWS today announced the appointment of Paul M. Kelly as Global Head of its EUR 126 billion Alternatives franchise. DWS’s Alternatives business has a 50 year plus track record including particular strength in real estate (EUR 75bn AuM ), infrastructure (EUR 16bn), liquid real assets (EUR 32bn) and a footprint in sustainable investments.

Stefan Hoops, CEO at DWS said: “Paul is an industry veteran with an extensive track record across private and public markets, and we are pleased to have him join DWS to lead our Alternatives franchise. We expect that, despite near-term market volatility, Alternatives will continue its growth trajectory, fueled by the rise in retail demand and the attractive yield opportunities presented in areas such as real assets and private credit. Given our deep heritage in real estate and infrastructure, access to middle market lending, and strong retail network, we are well positioned to succeed in this area of strategic focus. With Paul at the helm, together with our experienced Alternatives leadership team, we can deliver on the compelling growth potential of this business.”

Paul will join DWS from Blackstone where he was a Senior Managing Director and Chief Operating Officer of the Credit division and was a key partner in driving growth in the franchise across direct lending, insurance, and other private credit strategies. Paul has more than three decades of experience in finance and public and private market investing. Prior to Blackstone, Paul spent nearly 20 years at JPMorgan in a variety of leadership positions, and he started his career in equities trading at Bear Stearns.

Paul will report directly to DWS CEO Stefan Hoops. All Alternatives investment businesses will report into Paul and together with the Alternatives leadership team, he will be responsible for delivering a cohesive cross-product global strategy, and accelerating expansion of the business through organic and inorganic measures. He will join DWS in February 2023 and will be based in New York.

Paul Kelly, future Head of Alternatives at DWS added: “I am excited to be joining DWS to lead its Alternatives business. With its long-standing investment heritage, global institutional franchise and established retail position, the Alternatives franchise has a robust foundation to capture future growth in private markets. I am looking forward to working together with some of the most talented managers in our industry to deliver on our growth objectives.”

Source: DWS