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ETF News

Investor Li Lu could be successor to Buffett - WSJ

NEW YORK, July 29 (Reuters) - Li Lu, a Chinese-American investor and hedge fund manager, could be in line to take a top investment role at Warren Buffett's Berkshire Hathaway BRKa.NBRKb.N and even succeed the legendary U.S. investor, the Wall Street Journal reported on Thursday.

In an interview with the newspaper, Berkshire’s Vice Chairman Charlie Munger said he felt it was “a foregone conclusion” that Li, a hedge fund manager who largely invests in Asian technology stocks, would become one of Berkshire Hathaway’s top investment officials.

The Journal reported that Li, 44, is in line to become a successor to Buffett, 79. Buffett, who has built an estimated $47 billion fortune running the Omaha, Nebraska-based company, does not have any current plans to step down, but speculation about his eventual successor has increased in the past few years.

Berkshire operates about 80 businesses and has tens of billions of dollars invested in U.S. companies. A spokesman for the company was not immediately available for comment late on Thursday.

According to the Journal, Buffett declined to comment on Li, but doesn’t rule out bringing in an investment manager while he is still running the company, or potentially splitting up the top investment job at the company into two roles.

Li declined to discuss a potential Berkshire position with the Journal, it said.

Li founded his fund management business Himalaya Capital Management in 1997, according to the firm’s website (www.himalayacapital.com).

A message left at the firm was not immediately returned on Thursday. (Reporting by Emily Chasan; Editing by Muralikumar Anantharaman)

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