Michael Larson (born October 1959) is an American money manager. 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. Cascade Investment Email Format | cascadeinvestors.com Emails is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index. We encourage you to review our Privacy Policy. Because I think some stocks have behavior patterns that run counter to Microsoft, says Larson. One remarkable feature of the portfolio is how little it changes. Intelligent Assistance and Bots Ecosystem. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. Contact. So he came out, and the two men hit it off. The outcome of the investigation was not clear, but Larson kept his job, The Times said. This helps family offices professionalise earlier than they would have before. He was accused by multiple former employees of creating "a culture of fear" at the Gates family office,. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. New Summer Internships jobs added daily. Larson convinced St. Dennis to come out of retirement in order to act as an advisor to Larson. Michael Larson has served as Bill Gates' money manager for decades. Michael Larson is a Manager, Investment at Cascade Funding based in Kirkland, Washington. Who is Bill Gates' money manager Michael Larson? | The Sun All Rights Reserved. Offers may be subject to change without notice. When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. His Investments Say Otherwise. 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. We want to make sure you get the most out of our platform. Cascade Investment, L.L.C. The claims that Larson made racist and sexist comments have come from former employees of his, reported The New York Times and Business Insider. I am writing on behalf of Michael Larson, who is the manager of Cascade Investment, L.L.C. 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. 5 free lookups per month. Michael Larson is one of the most powerful men in US wealth management you have never heard of. Thank you for accessing our content on the Topio Networks Market Intelligence Center. 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. Additionally, claims have come forth of sexist and racist comments that Larson made. Amid controversy, Bill Gates' money manager Michael Larson could be safeguarding a hefty net worth. since 1994. What they signal is that family wealth investment management is big business. He has served as the Chair of the Investment Committee at the University of Washington.[4]. Other directorships held during the past five years Director of Republic Services, Inc. and Fomento Economico Mexicano, S.A.B. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates ' personal fortune through Cascade Investment. Cascade Investment, L.L.C. Larson attended Valley High School in Albuquerque. and is the Chief Investment Officer for William H. Gates III. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. About half of it$750 millionis in what Larson calls private equity; thats buyout funds and direct investments, such as Gates stake in Teledesic, McCaws satellite company (Larson is on its board). Thanks in part to Mr. Larson and the soaring value of Microsoft's shares, Mr.. Michael Larson is the Business Manager of Cascade Investment, L.L.C. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. [1] In 2021, Cascade drew attention due to allegations of toxic work environment caused by Larson. The high-profile couple announced earlier this month that they would separate after 27 years of marriage. Michael Larson is Bill Gates' private money manager and runs Gates' personal investment company Cascade Investment LLC, funded solely by Gates. What Is Michael Larson's Net Worth? Previously, Mr. Larson was at Harris Investment Management, Putnam Management Company and ARCO. A New York Times report on Sunday said Larson had been accused of sexual harassment in 2017. 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. 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. While trying to buy a Chicago-based money management firm, Larson received a call from a head hunter to work for Bill Gates. The family office market can take many forms, from a single former executive assistant helping a patriarch/matriarch, to a 40-person professional investment organisation that also deals with personal affairs. ALL RIGHTS RESERVED. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. Following the divorce of Bill Gates and Melinda French Gates, their money manager has come under some serious scrutiny. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. Michael Larson (businessman) - Wikipedia Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. 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. Stay up to date with what you want to know. Some current and former employees say he can be brusque and controlling, even deciding the seating chart for the investment firms annual holiday party. Michael Larson Elected to Serve on Board of Directors for Republic [citation needed], Larson is a regular attendant of the Allen & Company Sun Valley Conference. Michael Larson Email & Phone Number - Cascade A.. | ZoomInfo 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. Read More . 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. 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. Michael Larson's Phone Number and Email Last Update. ), because Early gave him the thumbs-up. He really doesnt need much, if any, equity exposure at all, says Larson. Bill Gates's money manager created 'culture of fear' for staff, says From there Larson went to work for Arco doing mergers and acquisitions. He attended Claremont College, finishing in three years with a degree in economics, and then went directly to the University of Chicago, where he picked up an MBA at the age of 21. 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. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. Michael Larson is Bill Gates private money managerand runs Gates personal investment company Cascade Investment LLC, funded solely by Gates. 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. 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. When he graduated from high school, he wanted to join the Coast Guard but couldnt because he was only 16. 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. In addition, Mr. Larson serves as director to a number of closed end funds and mutual funds within the Western Asset Management fund complex. Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. Larson denied making the remark in a statement to The Times, as well as "some but not all" of the other allegations of misconduct. de C.V. 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. Larson was only 16 when he graduated high school and could not attend the Coast Guard Academy until he was 18. 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. 694 Summer Internships jobs in Paris, le-de-France, France (6 new) He started digital-image company Corbis Corp. in 1989. 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 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. [7], With 269,000 acres of farmland (which has been historically countercyclical to the stock market) being held through a wide network of shell companies, Cascade Investment is the largest farmland owner in the United States. 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. Thank you for your continued support. Other directorships held during the past five years Director of AutoNation, Inc., Republic Services, Inc., Grupo Televisa, S.A.B. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates' personal wealth and that of his charitable foundation. He assumed the role in 1994. 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. [1], After receiving his MBA from the University of Chicago, Larson went to work for ARCO doing mergers and acquisitions. That figure also includes funds run by outsiders. Well send you a myFT Daily Digest email rounding up the latest US news every morning. Ecolab Inc. - Corporate Governance - Board of Directors - Person Details However, not much is known about the money managers secretive style, or even the investments that Cascade Investment LLC holds. 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. 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. He is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. 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. Ecolab.com uses cookies to give you the best possible experience. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. 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. If you experience any issues with this process, please contact us for further assistance. Insider could not reach Larson. Larson denied "some but not all" of the allegations of misconduct detailed in The Times report. Copyright 2022 Printline Media Pvt. The shop was partially owned by Rally Capital, a firm that Cascade had invested in. Berkshire isnt. Meet Michael Larson, the man who has managed Bill Gates - Yahoo 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. Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. Europe, Menlo Park, China), Where the person is located (e.g. ValueWalk also contains archives of famous investors, and features many investor resource pages. The price some of these guys are willing to pay to stay out of the news is high, said Tayyab Mohamed, co-founder of family office recruiting firm Agreus Group. 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. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. 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. Michael Larson also manages the funds for the Bill Gates Foundation. He assumed the role in 1994. Sources told The Times that the woman reached a settlement in 2018, signing a nondisclosure agreement in exchange for a payment. 1 Ecolab Place Larson's net worth is projected to be in the millions, though it's unclear where the number lies. That has shifted. French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. Bill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. and Fomento Mexicano Economico, S.A.B. Michael Larson - Chief Investment Officer @ Cascade Investment He also has served on several other public company boards providing him relevant corporate governance experience. The head hunter had heard of Larson from a few investors in Tacoma, Washington. Its unclear where French Gates is keeping her money, including the more than $3 billion that has been transferred from Cascade, and whether shes now setting up a family office of her own. 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. 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. Belong anywhere with Airbnb. They talked about AlbuquerqueMicrosofts hometown in the early daysabout risk management, and about investing, of course. 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. Formerly a director of AutoNation, Inc. Ecolab USA ", "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. 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. "I regret this greatly but have done a lot of work to change.". Gates hired him almost 30 years ago, when the Microsoft cofounder's net worth was closer to $5 billion. Student Opportunities - Financial Economics Institute Cascades assets have periodically been boosted by proceeds from the sales of Gatess Microsoft stock. The foundation's future may or may not include Larson, depending on the outcome of the claims. 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. He assumed the role in 1994. 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. Whether you live in India or overseas, you can take a paid subscription by clicking here. The arrangement is simple: Mr. Larson makes money, and Mr. Gates gives it away. Wall Street Journal. The interview was what really sold me on Michael, says Gates. Jamie Walters, CAIA on Twitter: "Michael Larson (born October 1959) is "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? He also has served on several other public company boards providing him relevant corporate governance experience. The holdings havent uniformly jived with the Gateses charitable endeavors or priorities, which include global health and, more recently, climate change. So whats in the portfolios? To access all the content for free, please sign up by entering your email. (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. The firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa. Meet Michael Larson, Michael Larson Manages Gates Fortune Behind The Scenes. [1] Early life and education Larson was born in Sacramento, California in October 1959. His response: My investment group chose to do this.. Despite the divorce, the Bill & Melinda Gates Foundation is staying intact. Witnesses of Misconduct by Bill Gates' Money Manager Paid Off: NYT Apr 30, 2023 - Rent from people in le-de-France, France from $20/night. The couples divorce announcement last month cracked the curated image. Cascade Investment, Bill Gates' wealth manager | Financial Times 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. [3] Cascade is a diversified investment shop, although there is an emphasis on real estate private equity managed by the subsidiary, Los Arboles Management. The two, now divorced, are worth a combined $124 billion. Gates $5 billion personal portfolio is another matter. The remaining $500 million is in stocks. 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. Michael Larson leads the Investment office and manages assets for Bill Gates and the Bill and Melinda Gates Foundation Trust Board of Directors Republic Services Jan 2009 - Present14 years 4. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is. I think he had just fired some people, and I thought he would be difficult to work for. Representatives for Larson and Cascade Investments did not immediately respond to Insider's request for comment. Also read: Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. Michael Larson (born October 1959) is an American money manager. 30 Apr 2023 20:37:03 The No. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gatess personal wealth. He was also accepted at the University of Washington and Claremont McKenna College. He studied at Claremont McKenna College for three years, achieving a degree in economics. Michael Larson also manages the funds for the Bill Gates Foundation. After submitting your request, you will receive an activation email to the requested email address. Gates has spent much of his wealth on his charitable foundation, as well as on his $125 million estate in Washington, a luxury-car collection, and a private plane. At Ecolab Inc., we promise to treat your data with respect and will not share your information with any third party. Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. Since 1995, Larson has delivered a compound annual return of around 11 per cent. Aside from detracting attention from the Gateses, Larsons main mandate has been to invest conservatively try to maximize returns but dont lose money, one of the people said. Michael Larson, Partner, Cascade Investment Bill Gates' money manager Michael Larson is accused of making racist and sexist comments. It so happens that one of Larsons interests is media stocks. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. www.vbprofiles.com is now www.topionetworks.com. A spokesman declined to comment to The Times. 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? Michael Larson Partner at Cascade Investment Location: Duluth, Minnesota Area Biography Chief Investment Officer to William H. Gates III. Larson is the chief investment officer for the Bill & Melinda Gates Foundation. Theres hardly a worry about fundraising, client withdrawals or onerous regulations. If you do not wish to receive our cookies, adjust your browser settings. Sophie Alexander , Anders Melin and Tom Maloney 22 June, 2021 09:09 am IST You can sign up for additional alert options at any time. He grew up in North Dakota and Albuquerque, New Mexico, and received an MBA from the University of Chicago, Fortune reported in 1999. People may receive compensation for some links to products and services on this website. Recently, Gates' equity has been shifted around (for example, the foundation just sold all of their Apple and Twitter stocks). Access your favorite topics in a personalized feed while you're on the go. Bill Gates Family Office Head Accused of Sexual Harassment in 2017 Cascade is the personal investment entity of William H. Gates III, the sole member of Cascade. 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. 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). When she informed Larson that she had voted, Larson said in response: "But you live in the ghetto, and everybody knows that Black people don't vote," three sources described to The Times. Bill Gates' Money Manager Michael Larson Fostered a Toxic Work 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. 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.. Who is Michael Larson? Bill Gates' money manager accused of racist