Billionaire activist investor Carl Icahn looks forward to Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, not pictured, to speak at an election night event in New York, USA, on Tuesday. Tuesday, April 19, 2016.
Victor J. Blue | Bloomberg Getty Images
Billionaire investor Carl Icahn is moving his office from New York to Florida early next year, and finally plans to hand over the hedge fund to his son, Brett.
The 83-year-old activist hedge fund manager who founded Icahn Enterprises, has no plans to retire, but told the wall street journal that your child is the "prime candidate" to take over your business.
"I won't give up on making real decisions," Icahn said. "I'm still in charge, but he would get a piece of the action."
Brett, 40, would likely join the company in the coming months after an interval of more than three years and oversee a small new investment fund. For over a year, Icahn and his son have been negotiating the terms of the deal, leading to a roughly 90-page contract, according to The Journal.
"I don't think anyone can fill their shoes the way he fills them," Brett said. "But I look forward to continuing to make a lot of money and further developing my career."
Brett worked with his father for over 15 years as an analyst, but recently took a break. He remained involved as a consultant and now represents his father on the board. Newell brands Inc., manufacturer of Sharpies and other products. He previously managed a fund of over $ 6 billion at Icahn Enterprises.
After joining Icahn Enterprises, Brett directed the company to profitable investments, such as one in Apple. Icahn said he would not consider this investment because he did not have an angle of activism.
"The activism formula is a great formula for increasing shareholder value. My dad proved it," Brett said. "But I don't think you absolutely need activism for a good risk-reward ratio in an investment."
In the new fund, Brett would need to put a percentage of his own money into each investment and is considering buying $ 25 million in Icahn Enterprises shares.
Icahn, whose personal wealth is estimated at $ 17.5 billion, employs approximately 50 people in New York. More than half of his staff, including some of his lawyers and portfolio analysts, will move to the new office near Miami.
Icahn has long told associates that work excites him and he has no plans to quit.