Friday, 22 August 2014
Last updated 14 hours 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…