  Massive stellar clumps in high redshift galaxies interact and migrate to the
center to form a bulge and exponential disk in <1 Gyr. Here we consider the
fate of intermediate mass black holes (BHs) that might form by massive-star
coalescence in the dense young clusters of these disk clumps. We find that the
BHs move inward with the clumps and reach the inner few hundred parsecs in only
a few orbit times. There they could merge into a supermassive BH by dynamical
friction. The ratio of BH mass to stellar mass in the disk clumps is
approximately preserved in the final ratio of BH to bulge mass. Because this
ratio for individual clusters has been estimated to be ~10^{-3}, the observed
BH-to-bulge mass ratio results. We also obtain a relation between BH mass and
bulge velocity dispersion that is compatible with observations of present-day
galaxies.
