Tuesday, 21 October 2014
Last updated 8 min ago
May 9 2014 | 1:52pm ET
The Icahns are back in the hedge fund business.
Billionaire investor Carl Icahn’s son, Brett, who has worked for his father for a decade, is set to launch a new hedge fund with his partner, analyst David Schechter. The new fund is expected to look much like the younger Icahn and Schechter’s $4.8 billion portfolio at Icahn Enterprises, which will own 35% of the new firm.
Brett Icahn and Schechter have returned an annualized 37% over the past four years, according to an October press release. They two have been credited with Icahn Enterprises’ successful investments in Netflix Inc. and Apple Inc.
The unnamed new firm will get $1 billion from Icahn Enterprises and may be open to outside investors, The Wall Street Journal reports. It is expected to be based in Miami.
Like his father, Brett Icahn will employ an activist strategy for the new fund. The new structure is expected to allow him and Schechter to earn more money than they do currently.
The elder Icahn returned outside capital from his hedge fund in 2011.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...