Carl Icahn's Son is Launching a Hedge Fund Firm Management in Miami
Brett Icahn, son of an American businessman and investor Carl Icahn, and his business partner David Schechter are planning to set up a hedge fund management company in Miami.
The
younger Icahn and a partner, the duo behind some of Mr. Icahn's recent
winning investments, including Netflix Inc., are set to launch a new
hedge-fund-management company, people close to the situation say. The
new company is expected to take money from outside investors, they said.
The
elder Mr. Icahn's public company, Icahn Enterprises LP, will own 35% of
the new fund company and is expected to give $1 billion in capital to
it to manage, the people said. Icahn Enterprises doesn't manage money
for outside investors.
Brett
Icahn, 34 years old, and his partner, David Schechter, 38, manage a
$4.8 billion portfolio of stocks for Icahn Enterprises that has
generated annualized returns since inception in April 2010 of 37%,
according to an October 2013 news release.
Source: Wall Street Journal