Berkshire Hathaway hires investment manager

Warren Buffett's Berkshire Hathaway (BRK.B-N) Monday said Todd Combs would join the firm as an investment manager, potentially bringing the company a step closer to solving Buffett's succession puzzle.

Buffett said in a statement that he and partner Charlie Munger looked for three years for someone like Combs "to handle a significant portion of Berkshire's investment portfolio."

Combs, 39, has been managing Castle Point Capital for the last five years. It is a long/short equity hedge fund that focuses exclusively on financial services.

Berkshire Hathaway owns about 80 businesses and tens of billions of dollars in stocks. Buffett, 80, has run Omaha, Nebraska-based Berkshire since 1965.

Buffett addressed his succession in May, saying his position would ultimately be split into a CEO role and three or four investment chiefs. There has been speculation since then on who they would be and when they would be hired.