Icahn Up 35%

Jan 9 2012 | 2:15pm ET

Carl Icahn's decision to get out of the hedge fund business in favor of managing his own money cost his former clients dearly last year.

Icahn's Icahn Capital soared 35% in 2011, he told the New York Post. The word comes eight months after Icahn returned all outside capital, telling clients that "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 firm had already suffered massive redemptions during the financial crisis.

"I didn't think we'd do so great this year, but we did very well," Icahn told the tabloid. "I was pretty hedged this year, too. I think we did very well, considering how hedged we were, and we continue to be quite concerned about the market."

The average hedge fund lost about 4%—or more—according to hedge fund indices.

On the bright side, investors got to take part in some of Icahn's gains last year. His fund was up 8.7% through the first two months of 2011.

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