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Carl Icahn Hands Son Brett $3 Billion to Prove His Mettle

Carl Icahn agreed to allocate as much as $3 billion to a management duo composed of his son Brett and David Schechter, expanding their role in running the 76-year-old’s investments.

Under a 46-page legal agreement filed with federal regulators last month, Brett Icahn and Schechter will get to invest their boss’s capital in companies with stock market values between $750 million and $10 billion. The deal may free the elder Icahn, who still has final say over many aspects of the portfolio, to focus on larger targets for shareholder activism.