Sunday, 2 August 2015
Last updated 1 day ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…