Breakingviews - Capital Calls - Carl Icahn’s new reconstructionist

  • 4/5/2021
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NEW YORK (Reuters Breakingviews) - DEALING AND WHEELING. Carl Icahn’s listed fund has a new leading man. The 85-year-old hedge fund manager has tapped Aris Kekedjian, General Electric’s former chief investment officer, to run Icahn Enterprises, the company said on Monday. Kekedjian spent three decades at GE, both building up and breaking down the firm. His name was on transformative deals including the oil and gas division’s merger with Baker Hughes as well as the dismantling of GE Capital. Icahn’s listed fund is at a crossroads. Shares in the vehicle, which owns companies including refiner CVR energy, food packaging company Viskase, and steel pipe company PSC Metals, have fallen 7% in the past three years while Bill Ackman’s London-listed vehicle Pershing Square Holdings has almost tripled over the same period. It suggests Icahn’s investment managers need to get better at both buying and selling assets. Kekedjian has the credentials. Now he just needs to roll up his sleeves. (By Lauren Silva Laughlin)

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