Icahn Sells Hedge Fund Group To Icahn-Owned Company

Aug 10 2007 | 6:53am ET

With the most recent alternatives firms to hit the public markets experiencing less-than-stellar performance, Carl Icahn picked the New York Stock Exchange route to take his Icahn Funds Management public.

Sort of public, anyway: Icahn sold his namesake firm, which manages some $7 billion in hedge funds and other products, to American Real Estate Partners, a holding company he owns 90% of. The firm will be renamed Icahn Enterprises, “an activist-oriented money manager who can take advantage of distressed situations that I believe might be available very shortly,” Icahn said.

The newly-styled Icahn Enterprises paid Icahn the man $810 million in its own depositary receipts for the money manager, and may pay upwards of $1.1 billion more should IFM meet performance goals.

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