Tuesday, 23 September 2014
Last updated 49 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 McKitich, CIO of Petty 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…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.