JPMorgan Chase names Berkshire’s Todd Combs to lead new investment initiative

WASHINGTON: US veteran investment manager Todd Combs has been appointed to lead the Strategic Investment Group within JPMorgan Chase’s new Security and Resiliency Initiative, the global financial services company announced Monday.

In his new role, Combs will pursue investment opportunities across middle-market and large corporate clients in sectors including energy, defense, healthcare, and aerospace. He will transition out of JPMorgan’s Commercial and Investment Bank and Asset and Wealth Management divisions to focus on this initiative.

The company’s $10billion Strategic Investment Group is tasking Combs on the above position with an aim to help fund growth in areas it deems critical to national security and he will report to JPMorgan chief executive Jamie Dimon.

Combs’ appointment comes as part of preparations by Warren Buffett to gradually step back from managing his $1.1 trillion conglomerate, Berkshire Hathaway. Earlier, he was recruited by Berkshire in 2010 after writing to Buffett’s business partner Charlie Munger, asking to meet him.

Buffett said in a statement issued on Monday that Combs “has resigned to accept an interesting and important job at JPMorgan . . . JPMorgan, as usually is the case, has made a good decision.”