Since then Gatess fortune has grown to around $80bn (of which he has given away around half) after Larson diversified the funds out of Microsoft, Gatess software company, and into a broad range of investments. "Cascade Investment (Bill and Melinda Gates Investments (BMGI)) - Family Office, United States - SWFI", "Cascade Investment, Bill Gates' wealth manager", "A Culture of Fear at the Firm That Manages Bill Gates's Fortune", "Bill Gates uses farmland as an investment outlet buying up potato, carrot and onion farms", "Bill Gates Transferred Billions Of Dollars' Worth Of These Two Stocks To The Gates Foundation", "Bill Gates Sells $940 Million of CN Rail Stock, Trimming Stake to 9%", "Four Seasons Hotels agrees to bid from Gates and Alwaleed", "Bill Gates' stake in Ecolab could get bigger", "Canadian National Railway Company | SC 13G", "Could Bill Gates be the next owner of Strategic Hotels? Who is Michael Larson? ALL RIGHTS RESERVED. Cascade is the personal investment entity of William H. Gates III, the sole member of Cascade. . Previously, Mr. Larson was at Harris Investment Management, Putnam Management Company and ARCO. He started working for Gates in 1994, just one year after Gates let go a man named Andrew L. Evans. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. NOW WATCH: Bill Gates has a net worth of over $96 billion here's how he makes and spends his money, pursued female employees and been dismissive of French Gates, The Wall Street Journal profiled Larson in 2014, his $125 million estate in Washington, a luxury-car collection, and a private plane. At the time, the portfolios both for the foundation and for the Gateses personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels. Michael Larson is the Business Manager of Cascade Investment, L.L.C. A spokesperson for Cascade said there have been less than five complaints against Larson out of 380 people he's managed. Buffett is one of the Gates Foundations three board members alongside Gates and French Gates, but has no involvement in investment decisions of the endowment, according to the foundation. A spokesperson for the Gates Foundation told Insider in a statement: "BMGI is a professionally run organization with oversight and governance, including regularly occurring HR reviews that have taken place for over 20 years. Another reason bonds are attractive to Larson is that as new money streams in, scaling up in the fixed-income markets is much easier than in stocks. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. The newspaper. These guys have discretion over the money we give them, but if I dont agree with their take on interest rates or the yen, Ill override them by hedging, Larson says. Bets on the bond market have been reduced recently in favor of private equity and other types of adventurous, so-called alternative assets. No credit card required. Apparently Larson didnt have as much as an unpaid parking ticket in his file (has he considered running for office? This change is not only happening among high-end investment firms; lawyers and accountants too are coining new phrases. Resume. He is Chairman of the Board of Directors at Western Asset and has been a member of the Board of Directors at Teledesic, Pan American Silver, Ecolab, Hamilton Lane, FoodTrader.com, Republic Services and AutoNation. Based in Kirkland, Wash., and run by Michael Larson, a former. He was accused by multiple former employees of creating "a culture of fear" at the Gates family office,. FIND MICHAEL LARSON Created on May 09, 2013 by Spoke Edited on May 09, 2013 by Spoke PAGE COMPLETION. Michael Larson (born October 1959) is an American money manager. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person. ", "See how @DiageoGB scores on #water stewardship in face of #climatechange in new @Ceresnews analysis", "Bill Gates is $9.5 billion richer than he was a year ago, worth over $100 billion, but not just from Microsoft", "Cascade Investment Portfolio Holdings", "The Bill Gates-backed company that's reinventing meat", "Sears gets more time to repay lenders, including funds tied to CEO Edward Lampert and Bill Gates", "Bill Gates' Cascade Investment, GIC buy stakes in StorageMart", "GIP teams up with Blackstone and Cascade to buy Signature Aviation", https://en.wikipedia.org/w/index.php?title=Cascade_Investment&oldid=1132153932, Investment companies of the United States, Conglomerate companies of the United States, Financial services companies established in 1995, 1995 establishments in Washington (state), Privately held companies based in Washington (state), United States financial services company stubs, Creative Commons Attribution-ShareAlike License 3.0. Micheal Larson is the money manager at a firm called Cascade Investments, a company whose only job is to manage the wealth of Gates and French Gates (Cascade is also referred to as Bill and Melinda Gates Investments, of BMGI). de C.V. "Melinda and I are free to pursue our vision of a healthier and better-educated world because of what Michael has done," Gates said, according to The Journal. He assumed the role in 1994. Well send you a myFT Daily Digest email rounding up the latest US news every morning. Cascade paid settlements to at least seven people who witnessed or were familiar with Larson's behavior to keep quiet about their time at the firm, The Times reported. The Times published a bombshell report Wednesday detailingLarson's alleged inappropriate workplace behavior at Cascade Investment, which manages Bill Gates' and Melinda French Gates' fortune. Larson, 61, has worked for Gates through Cascade since 1994. [3] More than half of Gates's fortune is held in assets outside his holding of Microsoft shares. The New York Times reported on Sunday that Larson had become a point of contention between Gates and his wife, Melinda French Gates, after he was accused of sexual harassment in 2017. He was trying to buy a money-management firm in Chicago when the call from Bill Gates headhunter came. "There's a clear process for employees, contractors and partners to share concerns either anonymously or by name, and any issue raised over the company's history has been taken seriously and resolved appropriately," the spokesperson continued. Family business consulting, private company services and even strategic philanthropy advice have joined the lexicon of wealth management for the extremely rich, she says. Bill Woodson, north America head of the family office group at Citi Private Bank, says: While family offices take different forms, the challenges they face are very similar and, as a result, the ultimate solutions they adopt as they evolve tend to be similar, although addressed with varying levels of focus, staffing and professionalism.. Sustaining this needs support from wonderful readers like you. Larson, who has worked as Gates' money manager for nearly three decades through Cascade, made sexual and racist comments, 10 former employees and others familiar with the firm told The Times. Third, Woodson adds, the generational shift in control of family wealth has changed what family offices focus on and how they are structured. According to the Wall Street Journal, Michael Larson has all sorts of tricks for keeping Cascades and Bill Gates name from appearing on other investments. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees. This page is not available in other languages. Married with three children, Michael Larson prefers Levis jeans and dark pink shirts. I think he had just fired some people, and I thought he would be difficult to work for. So whats in the portfolios? One remarkable feature of the portfolio is how little it changes. Gates $5 billion personal portfolio is another matter. Preston Gates & Ellis LLP Alumni Founded Companies, Private Greater Seattle Area Companies (Top 10K), Total number of current Advisors and Board roles the person has, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. So far, Gates seems to be backing Larson, toothough the same cannot be said for French Gates, who sticks with the fact she was unaware of the claims against Larson and would not approve of them. Thank you for your continued support. As for the other 25% of this foundations assets, Larson has made investments running the whole gamut of the bond market. Ecolabs innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets. Despite Michael Larsons experience, in the past Gates has made his own investment decisions in biotech. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. Cascade Investment paid settlements to at least seven people who witnessed Larson's behavior, The Times reported. Hes bright and very inquiring, and has a strong performance record.. French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. cookies Catherine Tillotson, managing partner of Scorpio Partnership, the consultancy, says: A tour around Londons elite wealth management boutiques reveals the growing popularity of the term private investment office. [citation needed], Larson is a regular attendant of the Allen & Company Sun Valley Conference. That reflects the typical investment approaches of big family offices and foundations, said Raphael Amit, professor of management at the University of Pennsylvanias Wharton School. According to this Fortune article, published during March 1999, Michael Larson runs the three portfolios he managed at the time in very different ways Larson managed money for The William H. Gates Foundation, the Gates Learning Foundation and Bill Gates personal portfolio at the time. It was long the biggest owner of Signature Aviation Plc, the worlds largest operator of private-jet bases, before joining a consortium that took the company private this year. Michael Larson is one of the most powerful men in US wealth management you have never heard of. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Micheal Larson is the money manager at a firm called Cascade Investments, a company whose only job is to manage the wealth of Gates and French Gates (Cascade is also referred to as . Building on a century of innovation, Ecolab has annual sales of $14 billion, employs more than 47,000 associates and operates in more than 170 countries around the world. As an asset investor solely dedicated to the Gates operation, Larson's own net worth is under fire, too. Michael Larson, manager of Gates' $170 billion who was supposed to keep Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes, Microsoft names Satya Nadella chairman, rewards him for turning around tech giant, How medieval Kashmir became centre of the world Vaishnavism, Puranas, and war, Baker who framed Sadak 2 actor on drug charges in Sharjah was told off by her mother, wanted revenge, Laws expire at UP border: In the MP/MLA courts of the ganglands, cases come to crawl. [1] Larson subsequently earned an MBA from the University of Chicago at the age of 21. [1] In 2021, Cascade drew attention due to allegations of toxic work environment caused by Larson. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. Sophie Alexander , Anders Melin and Tom Maloney 22 June, 2021 09:09 am IST Thats where the real money is made.. He was raised in Albuquerque, New Mexico and spent his summers in North Dakota. In one instance, sources told The Times that Larson made a racist comment to former employee Stacy Ybarra, who is Black. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds. In an extensive investigation the newspaper said that Michael Larson, who runs Cascade Investments, had created a "culture of fear" where the employee abuses had occurred. Cascade Investment Email Format. In August, it increased its stake in Strategic Hotels and Resorts to 9.8 per cent. Cascade Investment Chief Investment Officer 1994 Board and Advisor Roles Same platform but with new and improved features. [1], He graduated from high school in two years and was recruited to West Point, the Coast Guard Academy, and the Merchant Marine Academy. Get updates on the latest posts and more from ValueWalk straight to your inbox. He also called employees "stupid" and would call their work "garbage," sources told The Times. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. powered by Digital Info. Recently, Gates' equity has been shifted around (for example, the foundation just sold all of their Apple and Twitter stocks). ValueWalk also contains archives of famous investors, and features many investor resource pages. de C.V. A Cascade representative has said the matters were examined and didnt warrant his dismissal. Cascade has holdings in property and non-technology companies. "Years ago, earlier in my career, I used harsh language that I would not use today," Larson said in a statement to The Times. Larson reportedly told a Black employee she lived 'in the ghetto. After a few years, Larson moved to Boston to work for Putnam Investments managing bond funds. Despite his high-profile job, he works hard and successfully to stay out of the public eye Cascade declined to speak for the purposes of this article. With a high-profile job adjacent to a billionaire duo, Larson gets a sliver of the Bill and Melinda Gates investments. Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. Copyright 2022 Printline Media Pvt. The Wall Street Journal profiled Larson in 2014, summarizing his job as to "make Bill Gates richer.". He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is in charge of managing Bills personal wealth through Cascade Investment, as well as handling the Bill & Melinda Gates Foundation Trust endowment. Other directorships held during the past five years Director of Republic Services, Inc. and Fomento Economico Mexicano, S.A.B. The Times reported that a lawyer sent the Gateses a letter alleging that Larson had been sexually harassing a woman who managed a bike shop. [9] This constituted one of the investment firm's largest holdings. After submitting your request, you will receive an activation email to the requested email address. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. This helps family offices professionalise earlier than they would have before. Market Realist is a registered trademark. He was also accepted at the University of Washington and Claremont McKenna College. Bill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. He is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. But Bert called all 13 and kept each of em on the phone for an hour.. The manager had broad leeway from Gates on investment decisions, they both have said. From Fortune: He told me I would be working for a wealthy guy in the Pacific Northwest,I actually thought it was Craig McCaw.. [6] Some current and former employees say he can be brusque and controlling, even deciding the seating chart for the investment firms annual holiday party. Being the investment chief for one of the worlds biggest family fortunes might seem like an enviable job for an investor mulling creative bets. Gates already knew about the conviction, but began looking for someone new after the uproar. When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. He also has served on several other public company boards providing him relevant corporate governance experience. He holds some inflation-protected Treasury bonds called TIPs, and plain-vanilla corporate bonds like Ford, Du Pont, and Time Warner (parent of Time Inc., FORTUNEs publisher). If you experience any issues with this process, please contact us for further assistance. [5], Larson reportedly directs Cascade's investments through Bill and Melinda Gates Investments, a firm that also manages the portfolios of the Bill and Melinda Gates Foundation and other connected entities. When it comes to managing that money, they want to apply the best possible investment advice. Secretive Money Manager Michael Larson Helped Microsoft Co-Founder's Fortune Balloon to $82 Billion By Anupreeta Das and Craig Karmin Updated Sept. 19, 2014 4:37 pm ET Text Invitations to a. The New York Times also reported that Michael Larson, Cascade's top executive and the person in charge of Gates' fortune, faced a sexual harassment complaint of his own in 2017. The Learning Foundation is the simplest. Larson is the chief investment officer for the Bill & Melinda Gates Foundation. BMGI is an organisation that manages the portfolios of Cascade, the Bill & Melinda Gates Foundation Trust and other entities, but again it does not label itself as a family office. Michael Larson is Bill Gates private money managerand runs Gates personal investment company Cascade Investment LLC, funded solely by Gates. Its five largest publicly disclosed equity holdings are: Canadian National Railway; Republic Services, the waste removal company; Ecolab, the disinfectant maker; Femsa, the drinks group; and Deere, the maker of agricultural machinery. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. He decided to attend Claremont McKenna and graduated in three years with a degree in economics. Since we are obviously heavily weighted with Microsoft, we will sell stock periodically in order to get more diversity. When he graduated from high school, he wanted to join the Coast Guard but couldnt because he was only 16. And its the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees. is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. [1], Larson was born in Sacramento, California in October 1959. since 1994. Qualifications With more than 40 years of portfolio management experience, Mr. Larson has deep investment expertise and broad understanding of the capital markets, business cycles and capital efficiency and allocation practices. The company delivers comprehensive science-based solutions, data-driven insights and world-class service to advance food safety, maintain clean and safe environments, and optimize water and energy use. Cascade is not a family office in the traditional sense and does not like to call itself one. Amid controversy, Bill Gates' money manager Michael Larson could be safeguarding a hefty net worth. His response: My investment group chose to do this.. Given Gates huge position in Microsoft, why does Larson own equities at all? [10] In 2022, the company sold $940 million worth of stocks, whittling Gates' stake down to 1.4 percent.[9]. Since 1995, Larson has delivered a compound annual return of around 11 per cent. A former bond-fund manager, he won Gatess loyalty by delivering consistent returns and instilling in employees the notion that their primary focus was to protect their benefactors good name, according to people familiar with Cascade, who asked not to be named speaking about the companys inner workings. Ecolab.com uses cookies to give you the best possible experience. Who is Michael Larson? Access your favorite topics in a personalized feed while you're on the go. New York: For almost three decades, Michael Larson has quietly shuffled around one of the worlds biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines. Bill and Melinda Gates announced on May 3 that they are splitting after 27 years of marriage. Formerly a director of Pan American Silver Corp. Cascade doesnt disclose its overall investment performance, but financial reports from the foundation offer clues. "I regret this greatly but have done a lot of work to change.". Michael Larson, manager of Gates' $170 billion who was supposed to keep them out of the news Bill and Melinda Gates' divorce announcement cracked the curated image. If you think about it, 90%-plus of Bills wealth is in a single technology stock. This has meant that more money has been created to go into the foundations mission to fight disease and improve education in the developing world. First, it reflects my view of the markets. since 1994. Larson has and continues to operate under the radar with the exception of a rare interview with Fortune in 1999. Larson also holds Berkshire Hathawayhe owned 300 shares last year and recently bought a bunch morewhich he thinks became particularly attractive after its Gen Re acquisition. Michael Larson works at Cascade Asset Management, which is a Custom Software & IT Services company with an estimated 90 employees. Sources also told The Journal that Gates and Larson mostly had a professional relationship and that they rarely interacted socially. Larson farms out some 15% of the overall portfolio to bond managers at Morgan Grenfell, PIMCO, Miller Anderson & Sherrerd, and Western Asset Management. Right now his portfolio actually looks somewhat like a big old bond fund. In fact, a recent snapshot of Gates personal portfolio looks like this: Larson has 70%, or $3.5 billion, invested in short-term governments and corporates, with a small weighting in foreign bonds. Hes a long-term, buy-and-hold investor. He grew up in North Dakota and Albuquerque, New Mexico, and received an MBA from the University of Chicago, Fortune reported in 1999. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. ("Cascade"), of which I am the General Counsel. Michael Larson is one of the most powerful men in US wealth management you have never heard of. Business data for Cascade Investment, LLC: This page was last edited on 7 January 2023, at 14:28. Mohamed said its of little surprise that Larson has remained in his role after the allegations, given his decades-long tenure with Gates and the loyalty it has likely engendered. About 5% of Gates portfolio is farmed out to managers like McNamees Integral Capital Partners and Blue Ridge Capital, a New York hedge fund run by John Griffin, former right-hand man of Julian Robertson at Tiger Management. While trying to buy a Chicago-based money management firm, Larson received a call from a head hunter to work for Bill Gates. Cascade has around 100 employees, who, when traveling on business, must stay at a low-cost hotel, not the Four Seasons, despite the fact that Cascade owns a large chunk of the hotel chain.
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