Berkshire Hathaway, the holding company run by Warren Buffett, announced Monday that hedge fund manager Todd Combs has been hired as an investment manager.
Buffett said in a brief statement that he and vice-chairman Charlie Munger had been “looking for someone of Todd’s caliber to handle a significant portion of Berkshire’s investment portfolio” for three years.
Todd Combs, 39, had been managing a Connecticut hedge fund called Castle Point Capital for the past five years, according to the statement. He sent a letter Monday to the partners of Castle Point announcing his decision to move to Berkshire.
The move comes amid speculation about an eventual successor for Buffett. The 80-year old Buffett has consistently ranked as one of the world’s richest men. His assets totaled $45 billion this year, making him America’s second richest man after Bill Gates, according to Forbes magazine.
