Berkshire Hathaway has picked a Charlottesville man to be one of the people managing its portfolios after the retirement of legendary investor Warren Buffett.
Berkshire Hathaway, announced Monday that Ted Weschler, 50, the managing partner of Peninsula Capital Advisors in Charlottesville, will be winding up his hedge fund in order to join the Omaha, Neb.-based company early next year.
About four years ago, Berkshire Hathaway began searching for up to three people to manage a portion of the equity portfolios of its insurance subsidiaries. The company said that search intensified when Lou Simpson, the manager of GEICO’s equity portfolio, retired last year.
The first new investment manager, Todd Combs, joined Berkshire Hathaway in 2010.
Weschler and Combs each will have responsibility for a segment of Berkshire’s present equity holdings. The 81-year-old Buffett, Berkshire’s chairman and CEO, will manage most of the funds until his retirement.
After Buffett’s retirement, Weschler and Combs and possibly one other manager will be responsible for the company’s equity and debt portfolios.
Fortune magazine reported that Weschler was the anonymous winner of the past two charity auctions for a San Francisco church and mission. The highest bidder gets to have lunch with Buffett.
Fortune said Weschler’s winning bids were about $2.63 million each year.
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