Billionaire and Black Entertainment Television founder Robert L. Johnson has formed a new yet unnamed fund company with African American asset managers in mind.
Johnson says his new hedge fund venture with Deutsche Bank AG is designed to create opportunities and ensure that “African Americans have an opportunity to manage the wealth of this nation.”
The company, which is marketed to public and private pension funds and institutions, will operate, invest, manage, and allocate money to hedge funds of funds.
Hedge funds of funds “seek above-average returns while mitigating risks on the other end,” says Stephen T. Washington, managing director of Cleveland-based Black Wealth Network. Hedge funds of funds offer an infinite number of investment strategies, Washington says, adding that “a lot of pension funds utilize funds of funds.”
