Berkshire Hathaway hired Ted Weschler to help oversee the company's investment portfolio and might add another fund manager as the firm prepares a new generation of leaders.
Mr. Weschler has told limited partners at his hedge fund, Peninsula Capital Advisors, that he will be leaving and will join Berkshire early next year, according to a statement from Berkshire Hathaway on Monday.
Berkshire plans to divide CEO Warren Buffett's responsibilities as chief investment officer among as many as three money managers. Mr. Buffett last year announced the hiring of hedge fund manager Todd Combs.
Mr. Buffett, who also serves as chairman, will continue to manage most of Berkshire's funds until his retirement, according to the statement.
“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,” according to the company's statement. “With Todd and Ted on board, Berkshire is well-positioned for successor investment management at the time Mr. Buffett is no longer CEO.”
Peninsula had about $2 billion in the stock of nine companies as of June 30, the firm said in a regulatory filing.
Berkshire said the search for investment managers intensified after the departure last year of Lou Simpson, 74, who oversaw investments at the GEICO subsidiary.