Paul M. Kelly is German asset manager DWS’ new head of alternatives.

The manager announces that Kelly – brought in from Blackstone where he was senior managing director and COO of the credit division – will be the global head of the EUR 126bn alternatives division and that his hire is part of a “strategic growth push”.

“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,” DWS CEO Stefan Hoops says in a comment, adding that the company is well-positioned to achieve this strategic focus.

Kelly has also commented on DWS’ existing foundation in the alternatives space, stating that this will help the firm grow further in private markets. The Blackstone veteran has over three decades of experience in finance and public and private market investing, having also served at JPMorgan in various positions for 20 years. He joins DWS in February 2023 and will be based in New York.

DWS’ alternatives business is made up of real estate, infrastructure and liquid real assets, along with some sustainable investments.

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