Sunday, 26 April 2015
Last updated 1 day ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…