A hedge fund manager who paid more than $5m in charity auctions to have lunch with Warren Buffett has been hired as a potential successor at Berkshire Hathaway.
Ted Weschler, manager of Peninsula Capital Advisors, a Virginia-based hedge fund with $2bn in assets under management, will join in 2012 to manage a $1bn-$3bn slice of Berkshire’s $66bn in equity securities, the company said yesterday. He is the second of three managers to join Berkshire Hathaway’s insurance portfolio.
Mr Weschler, who is not widely known in the fund management community, first came to Berkshire’s attention when he spent more than $5m in charity auctions on lunch with the “Oracle of Omaha”, according to an interview with Mr Buffett in Fortune magazine.
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