Tags: buffett | byron | trott

Whispered Buffett Successor Raises $2 Billion

Friday, 26 Jun 2009 10:26 AM

By Dan Weil

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Byron Trott, who has been touted as a successor to Warren Buffett at Berkshire Hathaway, has raised more than $2 billion for his new investment firm, the Financial Times reported.

Trott, a former investment banker at Goldman Sachs, has been a frequent advisor to Buffett, the Berkshire CEO.

Trott’s $2 billion of capital for his BDT Capital Partners compares quite well with other investment firms, which have struggled to attract money during the financial crisis.

His relationship with Buffett probably didn’t hurt him.

Berkshire holds a “modest partnership interest” in BDT. People familiar with the situation told the Financial Times the Berkshire commitment is less than $250 million.

Trott plans to invest in and advise family-run businesses and start ups. BDT is putting together a team that includes Don McLellan, former head of mergers and acquisitions at Motorola, sources told the newspaper.

Trott also will likely take advantage of his Goldman ties.

“You get Byron, you get Goldman,” one source told the Financial Times, noting that Trott already has gained some advisory business.

Meanwhile, some are questioning Buffett after recent investment losses.

“The fact that … Berkshire was down 45 percent, and that not enough action was taken to mitigate those losses, I thought was disconcerting and poor trading,” newsletter writer Dennis Gartman told CNBC.

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