Buffett Boosts Bucks Managed By Ex-Hedge Fund Managers

Warren Buffett is handing more money over to the two hedge fund managers he brought in to succeed him at Berkshire Hathaway finalternatives reports.

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.

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