Paul M. Kelly was named global head of DWS Group's alternatives franchise, the asset manager said Wednesday in a news release.
It is a new position to strengthen DWS' alternatives franchise, a spokeswoman said.
Mr. Kelly will start in February and will be based in New York, reporting to DWS CEO Stefan Hoops, according to the news release.
As of Sept. 30, DWS had €833 billion ($865 billion) under management. Its alternatives business includes €75 billion in real estate, €32 billion in liquid real assets and €16 billion in infrastructure, the release said.
Mr. Hoops said in the release that the alternatives business is expected to grow, "fueled by the rise in retail demand and the attractive yield opportunities presented in areas such as real assets and private credit."
Mr. Kelly was formerly a senior managing director at Blackstone, where he also served as chief operating officer of the credit division. A call to Blackstone for information on his replacement was not immediately returned.