Robert Johnson to Start Black-Owned Asset Management Firm

“Robert Johnson, the founder of Black Entertainment Television, said on Monday he is looking to set up the largest asset management company owned and operated by African Americans, and is close to inking a partnership with Deutsche Asset Management to help build the business.

The venture will start off with funds designed to invest in hedge funds, an area where investors seeking higher returns have shifted substantial assets in recent years.

There are other minority-owned asset managers out there, most notably Ariel Capital Management LLC with at least $20 billion under management, but there is room for a good deal more of the trillions of dollars available for investment in the United States to be managed by minorities, Johnson said.”