Warren’s Berkshire Hathaway hired Ted Weschler to help oversee investments and may add another fund manager as the firm prepares a new generation of leaders.
Weschler, 50, has told limited partners at his Charlottesville, Virginia-based Peninsula Capital Advisors LLC that he will be shutting the fund and will join Berkshire early next year, Buffett’s company said today in a statement.
Berkshire plans to divide Buffett’s responsibilities as chief investment officer among as many as three money managers. Buffett, 81, last year announced the hiring of hedge-fund manager Todd Combs.
“After Mr. Buffett no longer serves as CEO, Todd and Ted - - possibly aided by one additional manager - will have responsibility for the entire equity and debt portfolio of Berkshire, subject to overall direction by the then-CEO and board of directors,” the Omaha, Nebraska-based company said in the statement. “With Todd and Ted on board, Berkshire is well- positioned for successor investment management at the time Mr. Buffett is no longer CEO.”
Buffett, who also serves as chairman, will continue to manage most of Berkshire’s funds until his retirement, according to the statement. Berkshire’s stock portfolio was valued at more than $67 billion as of June 30, including the largest stakes in Coca-Cola Co., American Express Co. and Wells Fargo & Co....
Read more at http://www.efinancialnews.com/story/2011-09-12/trader-quits-btg-after-three-months?mod=sectionheadlines-PE-AM
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