Billionaire investor Carl Icahn's son, Brett Icahn, has scrapped plans to start his own hedge fund firm and will continue staying with his father's firm, a source familiar with the situation told Reuters.
In May, the Wall Street Journal first reported that Brett Icahn, along with colleague David Schechter would launch a hedge fund management company that will take money from outside investors.
The new fund was expected to launch in the fall, but Brett Icahn will now continue to manage stocks for Icahn Enterprises .
The younger Icahn and Schechter manage a multi-billion dollar portfolio of stocks for his father's public company, Icahn Enterprises.
The company had net sales of $20.7 billion in the year ended Dec. 31, 2013.
Activist investor Carl Icahn has credited the duo for some of his successful stock picks in the past including an investment in Netflix Inc.
The Wall Street Journal reported the story on Thursday, citing people familiar with the matter.