Dec 8 (Reuters) – JPMorgan Chase said on Monday that Todd Combs, investment manager of Berkshire Hathaway, will head the strategic investment group of the firm’s new security and resiliency initiative.
The move comes as Berkshire CEO Warren Buffett prepares to handover the reins to Greg Abel effective January 1.
Combs, who has previously served on the JPMorgan board, will join the bank in January and will report to CEO Jamie Dimon.
“Having served nine years on our Board, he truly understands all aspects of our company,” Dimon said in a statement.
Combs and another Berkshire investment manager Ted Weschler were once expected to take over the company’s equity portfolio, having helped Buffett invest in stocks, but the CEO in recent years said Abel could handle it.
At JPMorgan, Combs will partner with the firm’s Commercial & Investment Bank and Asset & Wealth Management units to pursue opportunities spanning middle-market and large corporate clients in defense, aerospace, healthcare and energy, the bank said.
JPMorgan Chase earlier this year launched its Security and Resiliency Initiative, a $1.5 trillion, decade-long plan to support industries deemed vital to U.S. economic security and resilience.
As part of the program, the bank said it will commit up to $10 billion in direct equity and venture capital investments to help selected U.S. companies expand growth, drive innovation and accelerate strategic manufacturing.
Separately, JPMorgan Chase said it has set up an external advisory council of public- and private-sector leaders to help steer the bank’s Security and Resiliency Initiative.
The council will be chaired by JPMorgan CEO Jamie Dimon, and include members such as Amazon founder Jeff Bezos, Dell Technologies CEO Michael Dell and Ford Motor CEO Jim Farley.
(Reporting by Pritam Biswas in Bengaluru and Jonathan Stempel in New York; Editing by Anil D’Silva and Leroy Leo)
Comments