The son of activist investor is venturing into his own business with a partner, Dow Jones reported Thursday.
Brett Icahn and David Schechter currently work for the senior Icahn's company and will launch a hedge fund management company, the wire service said.
With this arrangement, Dow Jones said the two will have part ownership of the new company.
"He's a good guy. I feel very proud of him. He and his partner have done extremely well," the senior Icahn said of his son during an interview in April. He's tougher than me."
—By CNBC.com with Dow Jones.