NEW YORK, April 15, 2013 /PRNewswire/ -- Fredrick D. Scott announced today that he has launched Fredrick D. Scott, LLC (FDS). FDS is a venture capital and private equity firm that will principally invest in and acquire minority-focused financial and banking institutions.
Scott was formerly the head of ACI Capital Group, LLC (ACI). Founded in August 2009 and registered as an Investment Advisor with the United States Securities and Exchange Commission, ACI was a privately held investment banking and advisory firm that managed $3.7 billion in assets.
"My goal is to redefine and advocate for economic sustainability and wealth creation in our community," said Scott. "The minority banking industry, more specifically the African American owned banking segment, is fragmented and under tremendous pressure from larger and more robustly capitalized mainstream competitors who have embraced the growing diversity of the marketplace. I believe that, in addition to capital, I can contribute fresh energy and new strategies that would improve the competitive posture of African-American owned banking and financial services businesses, as well as advance the mission of multi-generational economic strength and wealth creation in our community."
The number of African-American owned banks across the United States has dwindled. In 1994, 54 such banks were identified by the Federal Deposit Insurance Corporation (FDIC). At the end of 2012, there were just 28, leaving huge swaths of the African-American community without advocates and access to these traditionally "mission-based" institutions. Most, had close ties to the local churches, families and businesses, had historically served as a boon to black businesses, and offered African-Americans resources they had been previously denied.
Named one of Ebony magazine's "Top 30 Under 30" in May 2010 at the age of 26, Scott was, at the time, the youngest African American hedge fund founder in history. For more about Scott, go to www.fredrickdscott.com and follow him on Twitter @fredrickdscott.
SOURCE Fredrick D. Scott, LLC