Investing

Berkshire Hathaway Names New Investment Manager (BRK-A, BRK-B)

Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) announced that thirty-nine year old Todd Combs will soon join the conglomerate as an investment manager.  Combs has been managing Castle Point Capital for the past five years prior and the release noted that he has issued a letter to Castle Point’s limited partners of his decision to join Berkshire Hathaway.

Warren Buffett said that he and Charlie Munger have been looking for someone to handle a significant portion of Berkshire’s investment portfolio for three years now.  As far as which aspects of the total portfolio Combs will manage, Berkshire was mum on that aspect.

A search on private companies via Bloomberg BusinessWeek showed that CastlePoint Capital Management, LLC has Mr. Todd Anthony Combs as Chief Executive Officer and Director. The company overview noted, “Castle Point Capital Management, LLC is a privately owned hedge fund sponsor. The firm provides its services to pooled investment vehicles. It invests in the public equity and hedging markets of the United States. The firm primarily invests in value stocks employing long/short strategy. It typically invests in financial services sector. Castle Point Capital Management is based in Greenwich, Connecticut.”

Another location from Stone Point Capital noted, “Castle Point Capital is a long/short equity hedge fund focused exclusively on the financial services sector. Formed in 2005, the fund is based in Greenwich, Connecticut and is managed by Todd Combs. Trident III provided the hedge fund’s seed capital in November 2005.”

Keep in mind that Warren Buffett has yet to name his formal successor.

JON C. OGG