He really doesnt need much, if any, equity exposure at all, says Larson. [1], He graduated from high school in two years and was recruited to West Point, the Coast Guard Academy, and the Merchant Marine Academy. So whats in the portfolios? 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. It's unclear what percentage Larson gets out of managing a fortune worth more than $100 billion. When it comes to managing that money, they want to apply the best possible investment advice. At Ecolab Inc., we promise to treat your data with respect and will not share your information with any third party. 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. One remarkable feature of the portfolio is how little it changes. Meet Michael Larson, Michael Larson Manages Gates Fortune Behind The Scenes. FIND MICHAEL LARSON Created on May 09, 2013 by Spoke Edited on May 09, 2013 by Spoke PAGE COMPLETION. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates ' personal fortune through Cascade Investment. We use Michael Larson runs a tight ship with his employees as well. 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. But it often instead involves simply keeping wealth steady. 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. The couples divorce announcement last month cracked the curated image. He studied at Claremont McKenna College for three years, achieving a degree in economics. He was trying to buy a money-management firm in Chicago when the call from Bill Gates headhunter came. 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.. 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. OEM diesel and natural gas engine manufacturer. The letter requested help from the Gateses in addressing the situation with Larson and threatened legal action if they didn't. According to Cascade, this is a low ratio. However, the severity of these claims and the consideration that many may not have come forward are food for thought. It holds around a 4 per cent stake in Warren Buffetts Berkshire Hathaway investment group, owns 47 per cent of the Four Seasons hotel company and about 6 per cent of Bunzl, the distribution and outsourcing group. 2011-2023 VALUEWALK LLC. He told the guests who were asked to wear platinum or pink, Larson's favorite color that Larson had his "complete trust and faith," sources told the newspaper. This article about a financial services corporation of the United States is a stub. Read More [citation needed], Larson is a regular attendant of the Allen & Company Sun Valley Conference. [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. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. Email. Because Patty Stonesifer and her crew have a fairly constant need for cash, Larson keeps this portfolio mostly in short-maturity U.S. government and corporate fixed-income securities. On Monday, a spokesman said that Bill and Melinda Gates Investments the 100-person strong team led by Larson thats overseen their personal fortune and the endowment of their namesake foundation changed its name to Cascade Asset Management Co. And for good reason. Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. 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. A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. So he came out, and the two men hit it off. By providing your email address below, you are providing consent to Ecolab Inc. to send you the requested Investor Email Alert updates. Sign up for notifications from Insider! Stay up to date with what you want to know. Jobs Number of Current Jobs 1 Michael Larson is the Chief Investment Officer at Cascade Investment. 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. Michael Larson is one of the most powerful men in US wealth management you have never heard of. Additionally, Michael Larson has been known to create limited liability corporations especially for real estate purchases, keeping Cascades name off the documents. Of course, a hefty sum has been spent on the divorce and a large portion of wealth gets sent to the philanthropic Bill & Melinda Gates Foundation. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. Representatives for Larson and Cascade Investments did not immediately respond to Insider's request for comment. 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. With a high-profile job adjacent to a billionaire duo, Larson gets a sliver of the Bill and Melinda Gates investments. ][citation needed] This number includes the Bill & Melinda Gates Foundation and Gates's personal wealth. Michael Larson is an American money manager. As an asset investor solely dedicated to the Gates operation, Larson's own net worth is under fire, too. 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. . Also read: Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes. He studied at Claremont McKenna College for three years,. First, there is the question of how much Microsoft stock Gates should own. 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. According to Fortune, hes always been interested in science and likes to read up on the topic as well as investing in cutting-edge biotech companies. ValueWalk also contains archives of famous investors, and features many investor resource pages. 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. Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. First, an industry has developed around supporting family offices. 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. $10 billion is farmed out to around 25 other money managers, helping to hide the trail and generate other ideas. Had Larson not had the professional impact he had, it would be a simple yes, he should resign, said Mohamed, whose company helps family offices fill leadership positions. The most common Cascade Investment email format is [first]. In 1994, Larson and his wife moved to Seattle. 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. But I had to meet him.. Insider could not reach Larson. Unflattering details spilled out, including a report that Larson allegedly harassed & bullied some employees. St. Paul, MN 55102. He is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. You must click the activation link in order to complete your subscription. Sources told The Times that the woman reached a settlement in 2018, signing a nondisclosure agreement in exchange for a payment. , For instance, if and when the air comes out of tech stocks, food and oil stocks could hold up real well. 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? Thanks in part to Mr. Larson and the soaring value of Microsoft's shares, Mr.. This page is not available in other languages. A representative for Gates didnt respond to a request for comment. Family business consulting, private company services and even strategic philanthropy advice have joined the lexicon of wealth management for the extremely rich, she says. 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). Larson, 61, has worked for Gates through Cascade since 1994. He is the chief investment officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. Thats where the real money is made.. Thank you for accessing our content on the Topio Networks Market Intelligence Center. They talked about AlbuquerqueMicrosofts hometown in the early daysabout risk management, and about investing, of course. Manager, Investment at Cascade Funding . Ecolab respects your privacy and security, so weve updated our Privacy Policy to comply with the EU General Data Protection Regulation (GDPR) effective May 25, 2018. Additionally, claims have come forth of sexist and racist comments that Larson made. The outcome of the investigation was not clear, but Larson kept his job, The Times said. 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. 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. 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. Read our Cookies Policy to learn more. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. ThePrint with exceptional reporters, columnists and editors is doing just that. [9] This constituted one of the investment firm's largest holdings. Because I think some stocks have behavior patterns that run counter to Microsoft, says Larson. analyse how our Sites are used. ("Cascade"), of which I am the General Counsel. The other reason we do equities is because we have some expertise in certain areas, and we make money at it.. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. The foundations most recent tax returns also shows $804 million of corporate bonds and $5.8 billion of other investments like mortgage-backed securities, bank loans and sovereign debt. A spokesman for Cascade said BMGI is changing its name to allow for the evolving needs of the Gates family and their philanthropic work and that the groups investment strategy and organizational structure wont change. Resume. Larson reportedly showed nude photographs of women to members of Cascade Investments staff (there are about 100 people working for him who have been asked to sign non-disclosure agreements as a term of their employment). Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. Sign up for notifications from Insider! Theres hardly a worry about fundraising, client withdrawals or onerous regulations. [10] In 2022, the company sold $940 million worth of stocks, whittling Gates' stake down to 1.4 percent.[9]. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is. Michael Larson has served as Bill Gates' money manager for decades. Basically we are short on the yield curve right now, Larson says, again reflecting his wary view of the markets. Larson was only 16 when he graduated high school and could not attend the Coast Guard Academy until he was 18. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. Gen Re was in the S&P 500. Today’s top 694 Summer Internships jobs in Paris, le-de-France, France. He started working for Gates in 1994, just one year after Gates let go a man named Andrew L. Evans. You can sign up for additional alert options at any time. First, it reflects my view of the markets. BMGI does not tolerate inappropriate behavior.". He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. French Gates, whose name was added to BMGI in 2014, has been in focus after Cascade transferred equity stakes worth more than $3 billion to her, leading some in the industry to speculate shes in the process of claiming an even larger control of her share of the riches. 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. [6] Larson accrued over the twenty years from 1995 an 11% compound annual return,[6] and as of 2014 had 100 employees working under his direction. Copyright 2023 Market Realist. Bill Gates' money manager Michael Larson is accused of making racist and sexist comments. India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index. Cascade Investment, L.L.C. EDIT CAREER. 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. Apparently Larson didnt have as much as an unpaid parking ticket in his file (has he considered running for office? Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. 10%. Michael Larson's Phone Number and Email Last Update. Mr. He is responsible for Mr. Gates' non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. ", 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. We want to make sure you get the most out of our platform. [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. To this end they are increasingly sharing their experiences with other families via specialist peer networks, events and publications, and with their advisers, says Tillotson. Previously, Michael was a Manager, Investment at BMGi. She was unaware of most of the allegations involving Larson given her lack of ownership of and control over BMGI, her spokeswoman, Courtney Wade, said in a statement. This change is not only happening among high-end investment firms; lawyers and accountants too are coining new phrases. Same platform but with new and improved features. Larson denied "some but not all" of the allegations of misconduct detailed in The Times report. After submitting your request, you will receive an activation email to the requested email address. We look forward to providing you with even more cutting-edge market research, as Topio Networks. since 1994. Well send you a myFT Daily Digest email rounding up the latest US news every morning. Larson has and continues to operate under the radar with the exception of a rare interview with Fortune in 1999. Business data for Cascade Investment, LLC: This page was last edited on 7 January 2023, at 14:28. Michael Larson (born October 1959) is an American money manager. 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. Biography Chief Investment Officer to William H. Gates III. Berkshire isnt. Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. Cascade Investment Email Format. We encourage you to review our Privacy Policy. According to the report, Larson would judge female coworkers based on their attractiveness to other male employees and showed pictures of nude women to coworkers and compare the photos to a female human resources executive. [6] Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. Ecolab.com uses cookies to give you the best possible experience. The two, now divorced, are worth a combined $124 billion. The arrangement is simple: Mr. Larson makes money, and Mr. Gates gives it away. Wall Street Journal. Apr 30, 2023 - Rent from people in le-de-France, France from $20/night. It has also invested in Diageo, the distiller, and JJB Sports, the retailer. Language links are at the top of the page across from the title. Access your favorite topics in a personalized feed while you're on the go. The William H. Gates Foundation is a little more complicated. Hes a long-term, buy-and-hold investor. The remaining $500 million is in stocks. Smaller investments include stakes in nuclear-reactor developer TerraPower LLC and meat-substitute maker Beyond Meat. Cascade has holdings in property and non-technology companies. Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. If you think about it, 90%-plus of Bills wealth is in a single technology stock. In addition, as a professional investor and as the chief investment officer of Ecolabs largest stockholder, Mr. Larson brings a long-term stockholder perspective to the Board. As for the other 25% of this foundations assets, Larson has made investments running the whole gamut of the bond market. 1 objective is preservation of capital, he said, adding thats why family office portfolios are so diverse, including not just public equities, but also fixed income, commodities and assets such as art. Some current and former employees say he can be brusque and controlling, even deciding the seating chart for the investment firms annual holiday party. The No. (which is wholly owned by Mr. Gates) and the Bill & Melinda Gates Foundation Trust own in the aggregate approximately 15% of Republic Services, Inc.'s common stock. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. Michael Larson, head of Cascade Investment, shared nude photos of women online with co-workers, rated female employees' attractiveness, and made a racist comment to a Black employee, among. 1 Ecolab Place The interview was what really sold me on Michael, says Gates. Intelligent Assistance and Bots Ecosystem. Contact. Europe, Menlo Park, China), Where the person is located (e.g. NOW WATCH: Bill Gates has a net worth of over $96 billion here's how he makes and spends his money, Larson's alleged inappropriate workplace behavior. 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. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds. 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. He was also accepted at the University of Washington and Claremont McKenna College.