March 4 (Bloomberg) -- Ted Weschler is stepping down from the board of WSFS Financial Corp. as he takes on a larger role helping Warren Buffett manage funds at Berkshire Hathaway Inc.
Weschler, 51, isn’t running for re-election at the bank’s 2013 annual meeting, according to a regulatory filing today from Wilmington, Delaware-based WSFS.
Buffett has been expanding the amount of funds overseen by Weschler and Todd Combs, 42, former hedge fund managers who joined Omaha, Nebraska-based Berkshire in the past three years. Each will oversee about $6 billion by the end of this month, more twice as much as in May, Buffett, 82, told CNBC today.
The investment managers “have proved to be smart, models of integrity, helpful to Berkshire in many ways beyond portfolio management,” Buffett said in a March 1 letter to shareholders.
Weschler was a director of the bank from 1992 to 2007 and rejoined in 2009, according to a regulatory filing from the company. His hedge fund invested in the bank before he joined Buffett at Berkshire.
Court records show Weschler was involved in Berkshire’s bid for a loan portfolio from bankrupt lender Residential Capital LLC last year. He also helped Buffett on a deal to buy most of Media General Inc.’s newspapers for about $140 million in June.
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