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.
Johnson sold Black Entertainment Television to Viacom Inc. in 2001 for $3 billion.
His holding company owns a hotel real estate investment company, the Charlotte Bobcats professional basketball team, and Rollover Systems, which provides retirement plan rollover services.