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However, the severity of these claims and the consideration that many may not have come forward are food for thought. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. The No. Who is Michael Larson? Theres hardly a worry about fundraising, client withdrawals or onerous regulations. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. ", https://en.wikipedia.org/w/index.php?title=Michael_Larson_(businessman)&oldid=1147949433, This page was last edited on 3 April 2023, at 05:49. $10 billion is farmed out to around 25 other money managers, helping to hide the trail and generate other ideas. . He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. Please speak to a licensed financial professional, One Familys Finances: How Bill Gates Invests His Money, How Bill Gates Hired His Investment Advisor, Who manages Bill Gates $82 bn? Across the world, Tillotson believes there are about 79,000 very rich individuals (those with personal wealth greater than $50m) who control roughly $19tn in assets. Even a small fraction of a percentage would be enough to make Larson a rich man. Michael Larson also manages the funds for the Bill Gates Foundation. Michael Larson, 61, the man in charge at Gates's money-management firm, Cascade Investment, is reported to have judged women on their attractiveness and made sexually and racially. Qualifications With more than 30 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, In February of that year, Gates held a celebration at his mansion near Seattle in honor of Larson, who at that point had been working for Gates for 20 years. Larson, 61, has worked for Gates through Cascade since 1994. [1] Larson subsequently earned an MBA from the University of Chicago at the age of 21. Same platform but with new and improved features. Cascade is the personal investment entity of William H. Gates III, the sole member of Cascade. He is the chief investment officer for the Bill & Melinda Gates Foundation and Gates' personal investment portfolio. The divorce and recent revelations about Cascades workplace culture, reported by the New York Times, raise questions about whats next for Larson and the fortune he oversees. Read More . Previously, Mr. Larson was at Harris Investment Management, Putnam Management Company and ARCO. The letter requested help from the Gateses in addressing the situation with Larson and threatened legal action if they didn't. [1], After receiving his MBA from the University of Chicago, Larson went to work for ARCO doing mergers and acquisitions. At Ecolab Inc., we promise to treat your data with respect and will not share your information with any third party. He also owns some emerging-market debt and high-yield issues. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds. www.vbprofiles.com is now www.topionetworks.com. Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. Ecolab Inc. - Corporate Governance - Board of Directors - Person Details Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. Sustaining this needs support from wonderful readers like you. Source: getty. Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. Contact. His Investments Say Otherwise. Because I think some stocks have behavior patterns that run counter to Microsoft, says Larson. [8], Cascade has managed Gates' stake in Canadian National Railway since 2013. 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. 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. Michael Larson's Phone Number and Email Last Update. A New York Times report on Sunday said Larson had been accused of sexual harassment in 2017. Of the nonbond portion of Gates portfolio, another $250 million is in what Larson calls real stuff.. Second, there are more family offices as a result of the increase in wealth globally and greater information is available about best practice and resources. OEM diesel and natural gas engine manufacturer. The head hunter had heard of Larson from a few investors in Tacoma, Washington. Michael Larson runs a tight ship with his employees as well. The manager had broad leeway from Gates on investment decisions, they both have said. Third, Woodson adds, the generational shift in control of family wealth has changed what family offices focus on and how they are structured. I wish everyone understood that.- Bloomberg, Also read: Microsoft names Satya Nadella chairman, rewards him for turning around tech giant, Subscribe to our channels on YouTube & Telegram. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gatess personal wealth. Larson attended Valley High School in Albuquerque. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. Michael Larson (born October 1959) is an American money manager. Bill Gates' Money Manager Michael Larson Fostered a Toxic Work As an asset investor solely dedicated to the Gates operation, Larson's own net worth is under fire, too. "I regret this greatly but have done a lot of work to change.". Many of them are business-owning families or those so-called financial families, who have sold operating businesses. When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. My most important job is asset allocation, he says. [1] Access your favorite topics in a personalized feed while you're on the go. 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. The Times report also described sources as saying Gates had pursued female employees and been dismissive of French Gates in work meetings at Microsoft. ' . Copyright 2022 Printline Media Pvt. 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. This helps family offices professionalise earlier than they would have before. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index. A spokesperson for Cascade said there have been less than five complaints against Larson out of 380 people he's managed. [last] (ex. 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. Intelligent Assistance and Bots Ecosystem. Michael Larson, Investment Advisor, Cascade Investment Group | Spoke Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees. In 1994, Larson and his wife moved to Seattle. We use The shop was partially owned by Rally Capital, a firm that Cascade had invested in. Additionally, Michael Larson has been known to create limited liability corporations especially for real estate purchases, keeping Cascades name off the documents. Learn how and when to remove this template message, "One Family's Finances: How Bill Gates Invests His Money", "Meet the man who runs Bill Gates's money", "Still a great job: Making sure Bill Gates stays rich", "Company Overview of Cascade Investment, L.L.C. However, not much is known about the money managers secretive style, or even the investments that Cascade Investment LLC holds. ), because Early gave him the thumbs-up. In addition, he is Chairman of the Board of Trustees for Western Asset/Claymore Inflation-Linked Securities & Income Fund and Western Asset/Claymore Inflation-Linked Opportunities & Income Fund. Bill and Melinda Gates announced on May 3 that they are splitting after 27 years of marriage. The two, now divorced, are worth a combined $124 billion. Also read: Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes. [4] Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates's holdings, which was managed by convicted felon Andrew Evans. Cascade Investment Email Format | cascadeinvestors.com Emails He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates ' personal fortune through Cascade Investment. Michael Larson (businessman) - Wikipedia Please speak to a licensed financial professional before making any investment decisions. Michael Larson Cascade: Bio, Quotes, Articles, Returns, Gates Some of Michael Larsons investments over the years: ValueWalk.com is a highly regarded, non-partisan site the website provides unique coverage on hedge funds, large asset managers, and value investing. Michael Larson is Bill Gates private money managerand runs Gates personal investment company Cascade Investment LLC, funded solely by Gates. Insider could not reach Larson. 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 is Bill Gates' private money manager and runs Gates' personal investment company Cascade Investment LLC, funded solely by Gates. He also has a position in junk bonds and foreign government bondsDanish, German, Canadianas well as foreign corporates, gobs of mortgage-backed securities, and all sorts of hedging investments. The money I have outside Microsoft is less than 10% of the total, says Gates. Biography Chief Investment Officer to William H. Gates III. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Larson convinced St. Dennis to come out of retirement in order to act as an advisor to Larson. Bill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. 10%. It has also invested in Diageo, the distiller, and JJB Sports, the retailer. At the center of both the Gates fortune and the Gates Foundation endowment is a little-known entity called Cascade Investment. I needed to have complete faith in the person I picked since I didnt ever want to have to look over their shoulder.. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. ALL RIGHTS RESERVED. French Gates rarely attended meetings in Cascades early days aside from the annual in-person gathering, and when she did she tended to be a passive participant, according to one of the people familiar with the firm. In addition, as a professional investor and as the investment officer of the Companys largest shareholder, Mr. Larson brings a long-term shareholder perspective to the Board. While trying to buy a Chicago-based money management firm, Larson received a call from a head hunter to work for Bill Gates. The claims that Larson made racist and sexist comments have come from former employees of his, reported The New York Times and Business Insider. Director of Ecolab since 2012. The Times reported that the handling of the situation had put Bill and Melinda Gates at odds. ][citation needed] This number includes the Bill & Melinda Gates Foundation and Gates's personal wealth. You can sign up for additional alert options at any time. "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. Under Larson, Cascade has focused some of its attention on UK-listed stocks. Mr. He then earned an MBA from the University of Chicago at the age of 21. Larson farms out some 15% of the overall portfolio to bond managers at Morgan Grenfell, PIMCO, Miller Anderson & Sherrerd, and Western Asset Management. Background Report. "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? Language links are at the top of the page across from the title. You must click the activation link in order to complete your subscription. 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. In 2008, it bought a 3 per cent share of Carpetright, the flooring retailer, but has since reduced its stake. Larson was only 16 when he graduated high school and could not attend the Coast Guard Academy until he was 18. He assumed the role in 1994. Director of Ecolab since 2012. The foundations assets under management have returned an average of about 8.6% per year since 2001, according to a person familiar with the matter, beating the S&P 500 Indexs average annual 7.5% gain over the past two decades. Bill Gates's money manager 'is a bully who shared nude - The Sun Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere & Co. to track operator Canadian National Railway Co. to waste management firm Republic Services Inc. companies rooted in the physical world of making, moving and selling goods, and cleaning things up. He studied at Claremont McKenna College for three years,. Evans was involved in bank fraud and even served a stint in jail, where Gates visited him. Bill Gates has said about Michael Larson Since Microsoft is my primary focus, I wanted someone who could operate on their ownI also wanted someone with a conservative philosophy about investing. Jamie Walters, CAIA on Twitter: "Michael Larson (born October 1959) is This page is not available in other languages. He started digital-image company Corbis Corp. in 1989. de C.V. He is the chief investment officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. [9] This constituted one of the investment firm's largest holdings. Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. Since 1995, Larson has delivered a compound annual return of around 11 per cent. By using Ecolab.com, you consent to our use of cookies. Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. cookies [2] When Larson started at Cascade, informally known as BGI (Bill Gates Investments), he was the only employee. Who is Bill Gates' money manager Michael Larson? | The Sun By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. 3/13/2023 2:22 PM. Market Realist is a registered trademark. 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. 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. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. 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. In a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. I am writing on behalf of Michael Larson, who is the manager of Cascade Investment, L.L.C. 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. de C.V. Michael Larson has served as Bill Gates' money manager for decades. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. Its basically the same strategy most individual investors engage in.. So where once the term family office was synonymous with the isolated management of an individual familys wealth, today it perhaps best describes a growing body of professional knowledge and an industry in its own right that includes both specialist and general practitioners.. Meet Michael Larson, Michael Larson Manages Gates Fortune Behind The Scenes. He also called employees "stupid" and would call their work "garbage," sources told The Times. 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. Previously, Michael was a Manager, Investment at BMGi. The conservative bets, the nondescript office, the investment firms generic-sounding name; they were all carefully designed to shield Bill Gates and Melinda French Gates from criticism and produce steady, if seemingly unimpressive, returns. Then he shifted gears and joined Putnam Investments in Boston, managing bond funds. 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. 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. Representatives for Larson and Cascade Investments did not immediately respond to Insider's request for comment. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. 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. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. Two decades ago, Larson put it more bluntly. 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. One remarkable feature of the portfolio is how little it changes. Michael Larson is an American money manager. He is the Chief Investment Officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. A Cascade representative has said the matters were examined and didnt warrant his dismissal. Cascade Investment, Bill Gates' wealth manager | Financial Times He is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. Resume. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. That track record is broadly representative of Cascades overall returns, another person said. Larson originally managed $11.5 billion of the Gates fortune and foundation but that has swelled tremendously over the years as Gates sells his Microsoft stock.

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