Veteran investment manager Todd Combs is leaving Berkshire Hathaway to join JPMorgan Chase, marking one of the most significant executive moves in US finance as Warren Buffett prepares to step back from running the $1.1 trillion conglomerate.
JPMorgan said on Monday that Combs will lead the bank’s new Strategic Investment Group, the first step in deploying a $10 billion pool of capital that forms part of its sweeping $1.5 trillion security-and-resiliency initiative.
The programme aims to channel investment toward sectors considered critical to US economic and national security.
JPMorgan positions for long-term security investments
The bank unveiled the initiative in October, outlining plans to facilitate $1.5 trillion in investments over the next decade in defence, aerospace, healthcare, energy and other industries central to strengthening supply chains and national capabilities.
Of that, JPMorgan said it would directly invest $10 billion in companies it considers strategically vital.
“Todd Combs is one of the greatest investors and leaders I’ve known, having successfully managed investments alongside the most respected and successful long-term investor of our time, Warren Buffett,” Jamie Dimon, JPMorgan’s chief executive, said.
Combs, a JPMorgan board member for nearly a decade, stepped down as director to take up the new executive role next month.
The Strategic Investment Group will operate across JPMorgan’s Commercial & Investment Bank and its Asset & Wealth Management division, identifying opportunities among both middle-market and large corporate clients.
The bank said Combs will lead efforts to take equity stakes that support expansion in high-priority sectors.
Buffett, Berkshire’s chairman, gave his public blessing to the move, calling JPMorgan’s hire “a good decision” and noting that Combs was departing to accept “an interesting and important job”.
Todd Combs: one of Buffett’s most trusted investment deputies
Combs’ exit comes amid a broader leadership transition at Berkshire, several weeks after Buffett said he expected to “go quiet” as he prepared to retire as chief executive in 2026.
Greg Abel, currently vice-chairman overseeing non-insurance operations, is set to take over the top role.
Combs had become one of Buffett’s most trusted investment deputies since joining Berkshire in 2010 from his hedge fund, Castle Point.
He was seen as a potential future chief investment officer, responsible for Berkshire’s entire $283bn equity portfolio, and over time came to manage tens of billions of dollars in investments alongside fellow deputy Ted Weschler.
Alongside Ted Weschler, he gradually assumed more responsibility for the sprawling equity portfolio, including major holdings in Apple, Bank of America and Coca-Cola.
His appointment as Geico’s chief executive in 2019 further cemented his standing within the group.
With Combs’ departure, questions arise over how investment decisions will evolve once Buffett steps aside.
Berkshire did not specify changes to the management of its equity holdings, though Weschler is expected to remain a key figure.
Geico gets new leadership as succession planning accelerates
Berkshire moved quickly to fill the leadership vacuum at Geico, appointing longtime executive Nancy Pierce as chief executive.
Pierce, who joined the insurer in 1986 and most recently served as chief operating officer, is regarded as a steady internal choice.
Several other major shifts were announced.
Marc Hamburg, Berkshire’s chief financial officer for 40 years, will retire in June 2027 and be succeeded by Charles Chang, currently CFO of Berkshire Hathaway Energy.
Adam Johnson, CEO of NetJets, will take on a new role overseeing Berkshire’s consumer products, services, and retailing businesses.
The reshuffle underscores the scale of the transition facing Berkshire as Buffett’s era nears its close—and how Combs’ departure adds another layer of complexity to the group’s future investment strategy.
The post Todd Combs leaves Berkshire to steer JPMorgan’s major national-security investment push appeared first on Invezz
