Wally Weitz To Let 2 Co-Managers Take Over Firm's Flagship Mutual Fund In 2016

Wally Weitz To Let 2 Co-Managers Take Over Firm's Flagship Mutual Fund In 2016 via Russell Hubbard, Omaha World-Herald

Wally Weitz, Omaha’s second-largest value investor, has told clients and regulators that he plans to relinquish management of his flagship mutual fund at the end of this year.

That will make 2016 the first year since 1986 that Wally Weitz will not have a hand in picking stocks for his firm’s Value Fund, which was modeled after the “find a cheap gem” investing style of Berkshire Hathaway Chairman and Chief Executive Warren Buffett.

“Clients want a succession plan,” Wally Weitz said of the leadership changes. “There has always been a ‘hit-by-a-bus’ plan, but this reinforces the idea of a long-term succession plan.”

The...