Billionaire investor and chairman of Berkshire Hathaway Inc. Warren Buffett has named 39-year-old hedge fund manager Todd Combs to his team, as his possible future successor.
Combs, who managed a $400 million hedge fund in Connecticut called Castle Point Capital, will be tasked to oversee more than $100 billion in Berkshire Hathaway investments.
Buffett, who is 80 years old, has been seeking a potential successor to run his business when he retires from active management.
“For three years [Vice Chairman] Charlie Munger and I have been looking for someone of Todd’s caliber to handle a significant portion of Berkshire’s investment portfolio. We are delighted that Todd will be joining us,” Buffett said in a Berkshire statement.
Based in Omaha, Neb., since 1967, Berkshire owns Geico insurance, See’s Candy, and has investments in major corporations such as The Coca-Cola Co. and railroad operator Burlington Northern Santa Fe.
According to a Wall Street Journal report, Combs’s hedge fund has reported annual returns of 34 percent per annum since 2005, and his firm invests in both long and short positions.
Another hedge fund manager, Li Lu, who was reported earlier this summer as another possible successor for Buffett, does not seem as likely a candidate now.
Combs, who managed a $400 million hedge fund in Connecticut called Castle Point Capital, will be tasked to oversee more than $100 billion in Berkshire Hathaway investments.
Buffett, who is 80 years old, has been seeking a potential successor to run his business when he retires from active management.
“For three years [Vice Chairman] Charlie Munger and I have been looking for someone of Todd’s caliber to handle a significant portion of Berkshire’s investment portfolio. We are delighted that Todd will be joining us,” Buffett said in a Berkshire statement.
Based in Omaha, Neb., since 1967, Berkshire owns Geico insurance, See’s Candy, and has investments in major corporations such as The Coca-Cola Co. and railroad operator Burlington Northern Santa Fe.
According to a Wall Street Journal report, Combs’s hedge fund has reported annual returns of 34 percent per annum since 2005, and his firm invests in both long and short positions.
Another hedge fund manager, Li Lu, who was reported earlier this summer as another possible successor for Buffett, does not seem as likely a candidate now.
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