New hire fuels talk of successor
Source: Agencies |
October 27, 2010, Wednesday
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Print Edition
Print Edition
BILLIONAIRE Warren Buffett renewed speculation about his successor on Monday by hiring a new investment manager to handle "a significant portion" of Berkshire Hathaway Inc's investment portfolio.
Buffett offered few details about Todd Combs in a news release announcing the 39-year-old's hiring, but the move fits with the succession plan the 80-year-old has outlined for the company he leads.
Combs has managed the Castle Point Capital hedge fund for the past five years, but he will leave that job at the end of the year to join Berkshire. Documents filed with the Securities and Exchange Commission show that Castle Point had a US$280 million US stock portfolio at the end of June.
Berkshire's announcement didn't say how much of Berkshire's investment portfolio Combs will handle, but it will almost certainly be a step up for Combs. At the end of the third quarter, Berkshire held a US$46 billion US stock portfolio, US$28 billion cash and other investments.
Currently, Buffett makes most of the investment decisions at Berkshire in consultation with Berkshire's vice chairman, Charlie Munger. The only exception to that is at Berkshire's insurers, Geico, where Lou Simpson ran investments, but he retiring at the end of this year.
Buffett offered few details about Todd Combs in a news release announcing the 39-year-old's hiring, but the move fits with the succession plan the 80-year-old has outlined for the company he leads.
Combs has managed the Castle Point Capital hedge fund for the past five years, but he will leave that job at the end of the year to join Berkshire. Documents filed with the Securities and Exchange Commission show that Castle Point had a US$280 million US stock portfolio at the end of June.
Berkshire's announcement didn't say how much of Berkshire's investment portfolio Combs will handle, but it will almost certainly be a step up for Combs. At the end of the third quarter, Berkshire held a US$46 billion US stock portfolio, US$28 billion cash and other investments.
Currently, Buffett makes most of the investment decisions at Berkshire in consultation with Berkshire's vice chairman, Charlie Munger. The only exception to that is at Berkshire's insurers, Geico, where Lou Simpson ran investments, but he retiring at the end of this year.
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