Buffett orders Gen Re Securities closure

Warren Buffett, chairman and chief executive officer of investment holding company Berkshire Hathaway, last month put an end to two years of wrangling over Gen Re Securities by ordering the firm to unwind its positions and shut down. The move comes after three attempts to sell the firm, which specialised in interest rate swaps, swaptions, caps, equity options, credit derivatives and structured credit products.

Buffett tried to sell Gen Re Securities to HMDM, a company set up by Peter Hancock