According to a written statement, Fredrick D. Scott, the former head of ACI Capital Group, launched a venture capital and private equity firm.
Fredrick D. Scott, LLC will focus on investing in and acquiring minority-focused financial and banking institutions.
Commenting on the new venture, Scott said: “My goal is to redefine and advocate for economic sustainability and wealth creation in our community.
“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”, he added.