Brett Icahn returns to father's firm after four years

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The Florida-based company said the 41-year old would manage a team of portfolio managers and was expected to succeed his father, now 84 but still one of Wall Street’s biggest names, as CEO and chairman.

Brett Icahn, who co-managed Icahn Enterprises’ Sargon Portfolio until 2016, will also buy $10 million of depositary units from Carl Icahn, the company said in a statement.

Prior to their departure in 2016, Brett Icahn and co-manager David Schechter were responsible for some of the elder Icahn’s most successful stock picks, including an investment in Netflix Inc (O:NFLX).

They continued as consultants after their exit to give Carl Icahn exclusive advice.

The Sargon Portfolio generated annualized gross returns of 26.8% from its formation in April 2010 through its expiration in July 2016.

As part of the latest moves, Icahn Capital has hired three portfolio managers who will work in the investment unit under the father and son’s supervision, the statement added.

In an interview with the Wall Street Journal last year, Carl Icahn had said that Brett was the “leading candidate” to take over the firm.

“I’m still in charge, but he’d get a piece of the action.”