BRK.A Berkshire Hathaway Inc

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.

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.

Mr. Combs previously ran Castle Point Capital, an investment partnership he founded in 2005.

J.P. Morgan said the addition of Mr. Combs expands its board to 12 members.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

September 20, 2016 10:00 ET (14:00 GMT)

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