Brett Icahn returns to father's firm after 4 years

Oct 1 (Reuters) - Billionaire Carl Icahn announced the formal return of his son Brett to his hedge fund and asset management operation on Thursday, signalling he expected to hand over the reins of Icahn Enterprises L.P. within at most seven years.

The Florida-based company said the 41-year old would manage a team of portfolio managers and was expected to succeed his father, now 84 but still one of Wall Street’s biggest names, as CEO and chairman.

Brett Icahn, who co-managed Icahn Enterprises’ Sargon Portfolio until 2016, will also buy $10 million of depositary units from Carl Icahn, the company said in a statement.

Acting as a consultant, Brett Icahn and co-manager David Schechter were responsible for some of the elder Icahn’s most successful stock picks in recent years, including an investment in Netflix Inc. (Reporting by C Nivedita in Bengaluru; editing by Patrick Graham)