2009

RLJ Western Asset Management LP

Minority-owned Investment Company RLJ Western Asset Management LP was one of seven firms approved to join with the government in buying toxic assets held by banks. The company is a partnership between RLJ Companies LLC, owned by Robert L. Johnson, founder of the Black Entertainment Television network (BET), and Western Asset Management, an affiliate of Baltimore-based investment firm Legg Mason Inc. RLJ Western Asset Management LP, along with the U.S. Department of the Treasury, joined with Alliance Bernstein LP, BlackRock Inc., Wellington Management Co., Invesco Ltd., TCW Group Inc., and a partnership of Angelo, Gordon and Co. LP and GE Capital Real Estate to make up the toxic asset program. The purchases of the soured mortgage securities and other assets in the government's Public-Private Investment Program, or PPIP, are aimed at enabling banks to resume more robust lending to support an economic recovery. RLJ Western Asset Management raised more than the required $500 million to close investment funds under the program.

Sources

• US Dept of Treasury Press Release
• The Associated Press: "Treasury OKs another firm for toxic asset program" (accessed November, 5, 2009)

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