(Bloomberg) -- Lou Simpson, a money manager praised by Warren Buffett for his work at Berkshire Hathaway Inc.'s Geico years ago, now plans to oversee investments for some very select clients: his family.
SQ Advisors LLC, a firm Simpson founded after retiring from Berkshire Hathaway in 2010, ceased managing outside money on June 30, after announcing plans to convert into a family office. The company, which notified clients in early January 2019 of the switch, filed its final 13F quarterly report earlier this week.
Simpson, 82, spent years picking stocks for Geico, generally focusing on smaller companies than the ones Buffett chose. Buffett, chairman and chief executive officer of Berkshire Hathaway, praised Simpson's track record in his 2004 annual report, saying: “Lou is a cinch to be inducted into the investment Hall of Fame.” Simpson, who joined Berkshire as part of the acquisition of Geico, was at one point seen as a potential investment manager successor for Buffett and business partner Charlie Munger.
SQ Advisors spent the first six months of the year helping to transfer or liquidate all outside client accounts, according to a filing earlier this year. Kimberly Querrey, president of SQ Advisors and Simpson's wife, didn't respond to messages seeking comment during the holiday week. A message left at a phone number listed for the firm wasn't immediately returned.
To contact the reporters on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.net;Miles Weiss in Washington at mweiss@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Alan Mirabella
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