EARNEST Partners, Atlanta, and Fairview Capital Partners, Inc., Farmington, Conn., were named the top-grossing black-owned asset manager and private equity firm, respectively, in the June 2007 issue of Black Enterprise magazine.
Ariel Capital Management LLC, RhumbLine Advisers, Advent Capital Management LLC and Brown Capital Management Inc. round out the list of top asset managers. Pharos Capital Group, ICV Capital Partners LLC, SYNCOM Management Co. Inc. and Smith Whiley & Co. complete the list of top five private equity managers.
Assets under management at black-owned asset management firms increased by 4.4% to a total of $80.9 billion between 2005 and 2006, and private equity capital under management increased 13.2% to a total of $4.5 billion for the same period.
“When BE first compiled its Top 100 in 1973, combined sales for the 100 component companies totaled $473 million,” according to a news release. “Today, the top 100 African American industrial/service companies and 100 leading auto dealers — the core of the BE 100s report — collectively grossed more than $27 billion.”
