Icahn Enterprises To Seed Ex-Sargon PM Schechter's New Firm

Jun 27 2017 | 10:02pm ET

Carl Icahn's Icahn Enterprises has reportedly agreed to back the new private investment management company being formed by David Schechter, who managed the firm’s $8 billion Sargon Portfolio along with Icahn’s son Brett until last year. 

Schechter and Brett Icahn turned heads in 2016 when they each received $280 million in September of last year, due to a novel 2012 deal struck with the elder Icahn under which they were entitled to a one-time payment in September 2016 of 7.5% of the Sargon portfolio’s profit over an annual return hurdle of 4%. Needless to say, the portfolio did very well. 

Schechter and Brett Icahn both remained as consultants to Icahn Enterprises after stepping away from their portfolio management responsibilities in August of last year. With the agreement to seed Schechter’s new firm, his consulting arrangement with Icahn Enterprises will be terminated, according to a Reuters article Monday. 

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