Friday, 30 January 2015
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Jul 16 2012 | 11:47am ET
Warren Buffett is handing more money over to the two hedge fund managers he brought in to succeed him at Berkshire Hathaway.
The 81-year-old told Bloomberg Television that he was boosting the amount managed by Todd Combs and Ted Wechsler by about half, to roughly $4 billion each. Each man runs about $2.75 billion at the beginning of the year.
The vote of confidence put a little less than 10% of Berkshire's nearly $90 billion in assets in the hands of the former hedge fund managers, who have the authority to manage the money "exactly as they see fit."
"They have terrific talent," Buffett said. "I feel very, very, very good about where we are now versus a few years ago in terms of successor investment management." Buffett said earlier this year that he knew who would succeed him, but would not identify that person.
Both Combs and Wechsler ran their own hedge funds before joining Berkshire, the former in 2010 and the latter last year. Combs shuttered his Castle Point Capital and Wechsler his Peninsula Capital Partners.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…