Man who paid $5m for dinner with Buffett hired by Berkshire

Berkshire Hathaway has strengthened its investment team by hiring a hedge fund manager who previously paid over $5m to dine with Warren Buffett.

Ted Weschler is to join Berkshire Hathaway next year as part of a team that will eventually take over from Buffett when the investment guru steps down on an as-yet undecided date.

Weschler had previously paid a total of $5.3m in charity auctions in order to dine with Buffett on two separate occasions, according to Fortune Magazine.

Berkshire Hathaway said Weschler would wind up his Peninsula Capital Advisors fund in order to join the company in early 2012, but added Buffett would continue to manage most funds until his retirement.

Weschler will join Todd Combs, hired in late 2010, in managing a portion of the equity portfolios at Berkshire's insurance subsidiaries until that time. Berkshire said the hire would leave it "well-placed" once Buffett departs.

"After 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", the company said in a statement.

"With Todd and Ted on board, Berkshire is well-positioned for successor investment management at the time Buffett is no longer CEO".