Warren Buffett Names New Investment Manager

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.

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