[credit provider=”New York Times” url=”http://www.nytimes.com/2011/04/17/business/17icahn.html?pagewanted=2&_r=1&ref=business”]
The 31-year old son of Carl Icahn, Brett Icahn, runs a hedge fund that returned 50% last year, according to the New York Times.His father announced his retirement from managing money for outside investors in fall 2010, so it follows that the younger Icahn could take over the firm, which used to manage over $7 billion. But first he’ll have to establish a track record separate from his father’s.
50 per cent returns out of the gate seems promising enough — percentage-wise, it puts him above Bloomberg’s top ranked hedge fund manager for the year, who returned 49.5% — but the New York Times article that references young Ichan’s returns doesn’t say how much he was managing or how he did it. Instead it’s added off-handedly at the end of a paragraph about his work experience.
Like his father, Brett Icahn went to Princeton. He interned at Goldman Sachs but then pursued a career in movie directing, making a couple of small art films (he also created the website massify.com). He joined his father’s company in 2002…
Brett Icahn today sits on the boards of several companies in which his father has invested, including the video game maker Take-Two Interactive, American Railcar Industries and the food company Hain Celestial Group. He also runs a hedge fund that returned 50 per cent last year.
So Brett Ichan has been working at Icahn Associates, for less than 10 years. We couldn’t find a record of Icahn working for a fund other than Icahn Associates, so our guess is that he returned 50% in his own family and friends portfolio.
Fun facts about Brett:
- [He and his father] often play chess, wagering thousands of dollars a game.
- He saw his father conduct corporate raids.
- “Let’s just say, I’m not married,” is how he described his single life in downtown Manhattan to the NYPost a few years ago.
- “He beats me at chess, which I don’t appreciate,” says Carl. “I taught him the game and now he beats me at it.”