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The younger Icahn and Schechter currently manage
a $4.8 billion portfolio of stocks for Carl Icahn's public
company, Icahn Enterprises LP.
Brett Icahn and Schechter are responsible for some of the elder
Icahn's most successful stock picks in recent years, including
an investment in Netflix Inc. that has netted profits of about
$1.8 billion, Carl Icahn has said.
Brett Icahn declined to comment to Reuters on the new fund.
The portfolio managed by Brett Icahn and Schechter, which they
began managing in April 2010, generated annualized returns of 37
percent since its inception, Carl Icahn's company said last
October.
Under the new arrangement, Brett Icahn and Schechter will own 65
percent of the fund management company and Carl Icahn will own
35 percent, the Journal report said, citing the people familiar
with the plan. The elder Icahn is expected to contribute $1
billion in capital to the new company, it said.
Icahn Enterprises currently does not manage money for outside
investors.
(Reporting by Jennifer Ablan; Editing by Dan Grebler)
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