Icahn returns investors’ cash amid fears of downturn

Icahn returns investors’ cash amid fears of downturn
# 10 March 2011 12:05 (UTC +04:00)
Baku - APA-Economics. Carl Icahn, the activist shareholder, has decided to return money to outside investors, citing an unwillingness to manage their money through another downturn, financial Times reported.
Given the rapid market run-up over the past two years and our ongoing concerns about the economic outlook, and recent political tensions in the Middle East, I do not wish to be responsible to limited partners through another possible market crisis,” he said in a letter to investors.
In the letter, Mr Icahn mused that his own experience of suffering “paper losses” on investments helped him to deal with the experience of 2008, but said that, “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”.
Chris Shumway, founder of Shumway Capital Partners, last month announced that he would return cash to clients of his $8bn hedge fund. Investors had balked at the decision to step back from his role as chief investment officer in November, prompting $3bn in redemption requests.
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THE OPERATION IS BEING PERFORMED