Robert
L. Johnson to Create Asset Management
Venture with Deutsche Asset Management
New Company Will Look to Become Largest
Owned and Directed by African Americans
Washington, D.C. – Robert L. Johnson,
the founder of Black Entertainment Television, today
announced that he has signed a letter of intent with Deutsche
Asset Management (“DeAM”), the asset management
division of Deutsche Bank AG, to form and operate an asset
management company with an initial focus on hedge fund of
funds products. The new venture will seek to provide
investment products and services to public and private pension
funds and other institutional investors.
The RLJ Companies,
Mr. Johnson’s
holding company, will form the new company with the goal
of becoming the largest asset management company owned, controlled,
and directed by African-Americans. DeAM will serve as a minority
investor and as a provider of investment strategies and expertise
for the joint venture.
“This alliance will help us significantly
grow the more than $800 million in assets The RLJ Companies
has under management including the $315 million RLJ Urban
Lodging Fund,” said Bob Johnson, founder and Chairman
of The RLJ Companies. “Through this strategic
relationship with Deutsche Asset Management, The RLJ Companies
will also have a platform to target public and private pension
funds as well as other institutional investors with strategic,
absolute-return investment vehicles.”
In addition to offering
hedge fund of funds products, The RLJ Companies will also
have a platform to market traditional asset management
products utilizing the investment services and expertise
of DeAM. A hedge
fund of funds (also known as a “multi-manager” fund)
invests in a number of individual hedge funds (or “single
manager” funds) in order to seek diversification across
a number of different investment strategies and styles.
About Robert
L. Johnson
Mr. Johnson sold BET to Viacom in 2001 in a $3 billion
transaction. He
currently serves on the boards of Hilton Hotels, Lowe’s Companies, Inc.,
IMG, and Strayer Education, Inc. Other boards include the NBA Board of
Governors, Johns Hopkins University, Board of Governors for the Rock and Roll
Hall of Fame, Jazz at Lincoln Center, and the American Film Institute. Johnson
is a graduate of the University of Illinois and holds a master’s degree
in International Affairs from the Woodrow Wilson School of Public and International
Affairs at Princeton University.
About RLJ Companies
The RLJ Companies provides
strategic investment and direction in and for a diverse portfolio
of companies in the financial services, real estate, hospitality/restaurant,
professional sports, film production, gaming and recording
industries. An innovative business network, The RLJ
Companies seeks to target undiscovered or underserved markets,
then exercise solid management and achieve results.
The RLJ Companies’ core
businesses include: RLJ Development, a privately held hotel
real estate investment company, and the RLJ Urban Lodging
Fund with $315 million under management from public and
private pension fund investors, which together make up
more than $800 million in assets under management; RLJ
Hedge Fund of Funds, a joint venture with Deutsche Bank;
Rollover Systems, a financial services company providing
retirement plan rollover services; NBA Charlotte Bobcats,
WNBA Charlotte Sting and Charlotte Arena Operations; Caribbean
Gaming and Entertainment (C.A.G.E.), with entertainment
and nightclub venues in the Caribbean; and Three Keys Music,
a jazz recording company.
Contact:
Sela Thompson or Anne Little
The Walker Marchant Group
202/466-6040
|
