Billionaire hedge-fund manager Carl Icahn is returning capital to outside investors, marking the end of an era as he joins other prominent stock pickers who no longer want the headaches of handling other people's money.
Icahn, known for a knack of picking winners and his ability to face off with the captains of industry, says he has grown weary of managing outside money as markets become more unpredictable and investors more demanding.
By taking this step, Icahn joins a number of other well-known hedge-fund managers, including George Soros' protege Stanley Druckenmiller and Julian Robertson's former employee Chris Shumway, who recently returned their investors' money.
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