Bloomberg – #2 Top Non-Us Event Driven Fund 2005

During the 1980s and ’90s, Carl Icahn was vilified as a corporate raider. Now, the billionaire financier has leapt back into the spotlight – as a hedge fund manager. Icahn, 69, has opened two funds to invest in companies he thinks need shaking up.

Such event-driven hedge funds, which try to profit from corporate events such as mergers and acquisitions and bankruptcies, have become Wall Street’s new shareholder activists. There hedge funds posted an average return of 16.6 percent during the three years ended on Sept. 30, according to HFR. During the first nine months of 2005, these funds returned 6.2 percent.

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