Robert L. Johnson, founder of Black Entertainment Television and owner of the Charlotte Bobcats NBA basketball team, plans to launch a hedge fund-of-funds firm in a joint venture with Deutsche Asset Management.
The as-yet unnamed venture would be marketed to public and private pension funds and other institutional investors, Mr. Johnson said in a telephone interview. The date for the launch has not been set.
Mr. Johnson's holding company, RLJ Cos., will form the new company with the goal of becoming the largest asset management company owned, controlled and directed by African Americans. Deutsche Asset Management will be a minority investor and provide investment strategies. In addition to hedge fund of funds, the new venture will also offer traditional investment management strategies.
"This whole class of asset management creates a unique opportunity for the kind of skills I can bring," he said. "This fits my strategy and allows me to have a relationship with Deutsche Asset Management as a subadviser, with the infrastructure already in place."
"We can assemble a team of talented individuals who can be competitive in this space," he said. "If you can come up with the right people and the right asset allocation strategy, you can get yields that people are looking for, regardless of your ethnic background."