Icahn returns client cash

City A.M. Reporter
BILLIONAIRE hedge-fund manager Carl Icahn is returning outside investors’ capital, marking the end of an era as he joins a string of prominent stock pickers who no longer wants the headache of overseeing other people’s money.

Icahn, known for his knack of picking winners and his ability to face off with captains of industry, says he has grown weary of overseeing others’ money as markets are becoming more unpredictable and investors more demanding.

“While it may sound ‘corny’ to some, the losses that were incurred by investors in our funds in 2008 bothered me a great deal more, in many respects, than my own losses,” the 75-year-old investor wrote in a six-paragraph-long letter sent to investors.

Outsiders had invested roughly $1.75bn (£1bn) in Icahn’s $7bn Icahn Capital hedge fund.