"I am confident that these partners will deliver value to the residential real estate industry, and I am pleased to have Berkshire Hathaway be a part of the new brand," Buffett said in a statement.
Janus Capital Group has reported third quarter net income of $25.1 million, or $0.14 per diluted share, compared with second quarter 2012 net income of $23.4 million, or $0.13 per diluted share and net income of $27.4 million, or $0.15 per diluted share,
"We are focused on revenue growth, cost discipline and effective use of capital to build shareholder value," said Mr. Jacobs.
The plan, which has not been made public, is taking shape amid heightened tensions between exchanges and brokers, which compete with each other for trades. Brokers also are big customers of exchanges.
No target for the size of the new fund had been set, although it could attract between $2 billion and $3 billion, the person said.