J.P. Morgan Names Berkshire Hathaway Investment Manager Combs to Board -- 2nd Update
September 20 2016 - 10:30AM
Dow Jones News
By Joshua Jamerson
J.P. Morgan Chase & Co. on Tuesday said it named Berkshire
Hathaway Inc. investment manager Todd Combs to its board, bringing
into the fold an heir-apparent of billionaire investor Warren
Buffett's enterprise.
Mr. Combs, 45 years old, is a former hedge-fund manager who
began working at Berkshire in 2011. He and a counterpart, Ted
Weschler, manage portfolios of about $9 billion each, but they will
take over all stock-picking duties when Mr. Buffett is no longer
running the firm.
Mr. Buffett, Berkshire's chairman, is widely regarded as a
legendary investor, and many follow his holdings obsessively. Mr.
Buffett credited Mr. Combs with introducing him to Precision
Castparts, which Berkshire Hathaway agreed to purchase for $32
billion in August 2015. That deal reflected the growing influence
of Messrs. Combs and Weschler at Berkshire.
Mr. Combs has served as a director at Precision Castparts since
late January, according to a regulatory filing. Precision supplies
parts such as fasteners and turbine blades to aircraft makers. Mr.
Combs previously ran Castle Point Capital, an investment
partnership he founded in 2005.
When Berkshire Hathaway released its midyear holdings report in
August, the company didn't own any shares of J.P. Morgan, though it
does hold stakes in some other financial firms, such as Wells Fargo
& Co. and American Express Co. However, in 2012, Mr. Buffett
told CNBC he personally owned some J.P. Morgan stock; it wasn't
immediately clear if he still holds shares. A Berkshire Hathaway
representative wasn't immediately available for comment.
J.P. Morgan Chief Executive James Dimon has long been an admirer
of Mr. Buffett and modeled his annual shareholder letter after Mr.
Buffet's widely read message to investors each year. Mr. Buffett
also expressed support for Mr. Dimon during the London Whale
trading debacle.
J.P. Morgan said the addition of Mr. Combs expands its board to
12 members.
--Daniel Fitzpatrick contributed to this article
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
September 20, 2016 10:15 ET (14:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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