Photo: Flickr.com Janis Jaquith
Warren Buffett announced this morning that Ted Wheschler, a hedge fund managing partner from Charlottesville, Virginia, will soon join Berkshire Hathaway to run its equities portfolio.Weschler, 50, told his limited partners that he will be winding up his fund, Peninsula Capital Advisors, in order to join Berkshire early next year.
As of the second quarter of 2011, Peninsula Capital had about $2 billion long positions in equities, according to the latest 13F.
Weschler previously served as an executive officer at the private equity fund Quad-C. He’s a member of the board of directors for First Avenue Networks, WSFS Financial Corp., WSFS Federal Savings Bank, and Virginia National Bank.
He graduated with a bachelor’s degree in economics with concentrations in finance and accounting from the Wharton School of Business at the University of Pennsylvania.
Fortune reports that Weschler first caught Buffett’s attention because he was the anonymous winner, until now, of the annual auction for Glide, a San Francisco church and mission.
The top bidder gets to have lunch with the “Oracle of Omaha.”
For two consecutive years, Weschler was an anonymous bidder with winning bids of $2,626,311 in 2010 and $2,626,411 in 2011, Fortune reported.
The prize was to have lunch in New York at the Smith & Wollensky steakhouse, but Weschler requested to have the lunch in Omaha at one of Buffett’s favourite restaurants, Piccolo’s.
The two reportedly hit it off immediately and Weschler even received an invite to Buffet’s annual meeting.
So his $5 million donation seems to have paid off.
Now’s he’s joining Berkshire Hathaway as an investment manager to run the equity and debt portfolio for the firm.
The move to hire Weschler follows last year’s appointment of Todd Combs.
When Buffett, who turned 81 last month, no longer serves as chief executive of Berkshire; Combs, Wheschler and possibly another manager will run the entire equity and debt portfolio for the firm at the direction of the then-CEO and board of directors.
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