Weschler, 50, piqued Buffett’s interest when he bid over $2.6 million in 2010 and again in 2011 at an annual charity auction to dine with the Oracle of Omaha. Buffett was apparently so impressed with Werschler he offered him the opportunity to work with him, which Weschler accepted. He’ll be winding down his own fund soon in order to focus on Berkshire full-time.
Peninsula Capital Advisors, LLC is a privately owned hedge fund sponsor. The firm invests in the public equity and fixed income markets of the United States. It employs an opportunistic strategy to make its investments. Peninsula Capital Advisors was founded in 2000 and is based in Charlottesville, Virginia.
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 favorite restaurants, Piccolo's.
Mr Weschler is expected to serve alongside Todd Combs, formerly manager of hedge fund Castle Point Capital, who was appointed in 2010, as part of a new generation of managers who will oversee Berkshire's equity and debt investments. Berkshire said it might add a third new manager.
Berkshire will also have to find a replacement for Mr Buffett, who is 81, as chief executive of Berkshire itself. Thinking on that part of the succession was thrown into turmoil when David Sokol, a senior lieutenant, was found to have bought shares in a company he later recommended to Berkshire. Mr Sokol resigned, and Mr Buffett apologised to shareholders.
In a statement on Monday, Berkshire said; "After Mr Buffett no longer serves as CEO, Todd and Ted -- possibly aided by one additional manager -- will have responsibility for the entire equity and debt portfolio of Berkshire, subject to overall direction by the then-CEO and board of directors."
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