A new hedge fund manger has been appointed by Berkshire Hathaway for managing a considerable portion of the firm’s investment selection which was built by the founder of the firm, the renowned investor Warren E Buffett.

The Company, on Monday announced the name of Todd Combs as an investment manager who is thirty nine years old. Buffett made a statement saying that for the past three years

Buffett himself and the vice chairman Charles Munger were in search for some person in the caliber of Todd who can manage a considerable portion of Berkshire’s investment selection. He went on to express his delightment for the joining of Todd.

Since the year of 2005 Todd Combs has operated Castle Point Capital which is a hedge fund located in Connecticut and mainly has its focus on financial services industry. This fact was provided by the website of Stone Point Capital which also funded Combs in the year of 2005.

Castle Point is a long-short equity fund which is value oriented and mainly deals with financial services companies. Combs managed three hundred and ninety five million dollars on July 1 as per the letter of one July investor which had been given by Reuters.

The octogenarian Buffett stated that the firm has decided to split the responsibilities after his retirement or death. Three people will be entrusted with responsibilities. One chief Executive officer will be supervising more than seventy operating units formed by Buffett and one or more officials will be appointed for allocating capital and manage selection of Berkshire.

Buffett further stated that his own son might become the non-executive chairman of the firm and be the flag bearer of the firm’s cultural heritage.