Activist hedge fund start-ups more than double

Hedge Fund

Activist investor Carl Icahn was up 31% last year.

The New York Post reports that more and more Wall Streeters want to be like Carl Icahn — and Dan Loeb, Bill Ackman and Paul Singer for that matter.

The number of new activist hedge funds exploded last year to 28, more than double the 12 that got off the ground in 2012, according to a new report by Preqin, a hedge fund data service.

Activist funds as a group have outperformed their peers for the past five years, Preqin said, with an annualized 12.7% return over that time period compared with an 11.7% return for hedge funds as a whole.

Of course, neither type of fund has outperformed the broader market for five years and new launches pulled in only $21bn in 2013 — the lowest amount since 2004, data provider Absolute Return said.

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