Combs To Get Only Small Slice Of Berkshire At First

Nov 16 2010 | 2:16pm ET

When hedge fund manager Todd Combs takes up his new job at Berkshire Hathaway next year, he'll be managing a lot more than he ever did at Castle Point Capital. But he'll hardly have control over the "significant portion" of Berkshire's billions that the firm said he would when he was hired last month.

Combs will manage between $2 billion and $3 billion initially, Fortune magazine reports, as part of what amounts to an "extended trial." He'll be paid roughly the same as the retiring Lou Simpson, who runs the investment portfolio of Berkshire-owned insurer GEICO, which also amounts to about $2 billion to $3 billion.

Even though Combs won't start working for Berkshire until January—he's in the process of winding down Castle Point—he did get his first taste of life under the aegis of the Oracle of Omaha, Berkshire chief Warren Buffett. Combs participated in this month's Berkshire board meeting in Omaha, Neb., allowing him to get to know the star-studded board of directors at the $113 billion company.

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