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Francis (Frank) J. Kelly

Founder & Managing Partner, Fulcrum Macro Advisors LLC and Senior Political Strategist for DWS

Biography

Frank is the Founder and Managing Partner of Fulcrum Macro Advisors LLC, a political risk advisory firm based in Washington, DC.

Having worked as a senior executive on Wall Street for more than 30 years as well as having served in senior government roles, Frank brings extensive global experience and insight into the public policy decision-making process and its impact on global markets.

Frank began his career as a writer for President Ronald Reagan and went on to serve in the White House Office of Political Affairs. He remained at the White House serving as a writer for President George H.W. Bush. Frank then went to Justice Department in the Office of Policy Development focusing on national security and international issues. From there, Frank went to the US Securities and Exchange Commission serving as the Senior Policy Advisor to the Chairman and Chief Spokesman for the Commission.

He then joined Merrill Lynch in New York serving as Chief of Staff and Global Head of Marketing for Investment Banking, Sales & Trading. He returned to Washington DC to establish and run Charles Schwab & Co.’s first Global Government & Regulatory Affairs operation. He also served as the firm’s first Chief Political Strategist.

Frank joined Deutsche Bank in 2003 as the Bank’s first Head of Government Affairs and Chief Political Strategist. In this role he advised the Bank’s top institutional clients globally on US and geopolitical issues. He also had extensive experience in mergers and acquisitions, establishing the Bank’s Direct Investment Advisory Group (DIAG), advising clients on sensitive national and economic security related mergers and acquisitions.

Frank is a Senior Advisor to The Scowcroft Group, a global business advisory firm with an emphasis on emerging markets. He is also a Senior Associate in the Americas Program at the Center for Strategic and International Studies, focusing on South American economic and security issues. Additionally, he is also an adjunct professor at the Catholic University School of Business.

He is a member of the Council on Foreign Relations, the International Institute for Strategic Studies, the American Council on Germany and American Institute for Contemporary German Studies. He also serves as Vice Chair of the Jerome Lejeune Foundation of America.

Frank resides outside Washington DC in Great Falls, Virginia with his wife, Maura, on their working farm, Open Door Farm.

U.S. government and political affairs | Frank Kelly

Read more
R-096610-3 (05/2026)

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War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the fund and its investments.

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