Robert L. Johnson, who became a billionaire after selling Black Entertainment Television, is starting a hedge fund venture with Deutsche Bank with the aim of developing the largest money management firm owned by black Americans, he said yesterday.
Mr. Johnson, 59, said he and Deutsche Bank’s asset-management unit had agreed to form the yet-to-be-named money manager. Deutsche Asset Management will serve as a subadviser in the Washington-based company, whose initial focus will be what are commonly called hedge funds of funds.
