Saturday, 27 December 2014
Last updated 3 days ago
Mar 8 2011 | 11:51am ET
Carl Icahn, the legendary "corporate raider," is returning all outside investments in his hedge fund.
Icahn said his Icahn Capital, which began taking third-party money just six years ago, will return all of it next month.
"After careful consideration of all relevant factors, we have determined to return all fee-paying capital to investors," he wrote in a letter filed with the Securities and Exchange Commission today.
"While it may sound 'corny' to some, the losses that were incurred by investors in our fund in 2008 bothered me a great deal more, in many respects, than my own losses," the activist kingpin explained. "I do not wish to be responsible to limited partners through another possible market crisis."
Still, the limited partners who stuck with Icahn through his run as a hedge fund manager haven't much to complain about: The firm's return since inception has been 106.9%, and Icahn Capital is up 8.7% this year.
"Obviously, based on the past two years and two months, we are ending on what I consider to be a high note," he wrote.
The New York-based firm has about $1.76 billion in outside capital. Icahn suffered big redemptions during the financial crisis, in part because the firm did not impose withdrawal restrictions.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.