Carl Icahn's Son is Launching a Hedge Fund Firm Management in MiamiBrett 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