EDIT CAREER. Larson is the chief investment officer of Gates's family office, Cascade Investments. Based in Kirkland, Wash., and run by Michael Larson, a former. 10%. Third, Woodson adds, the generational shift in control of family wealth has changed what family offices focus on and how they are structured. Bill and Melinda Gates announced on May 3 that they are splitting after 27 years of marriage. Cascade Investment Chief Investment Officer 1994 Board and Advisor Roles Gates' assets and Larson's investment strategy have largely been kept under wraps, but sources told The Journal that Cascade had produced consistent gains for Gates, with a compound annual return of 11% from 1995 to 2014. Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Other directorships held during the past five years Director of AutoNation, Inc., Republic Services, Inc., Grupo Televisa, S.A.B. "Years ago, earlier in my career, I used harsh language that I would not use today," Larson said in a statement to The Times. 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. He grew up in North Dakota and Albuquerque, New Mexico, and received an MBA from the University of Chicago, Fortune reported in 1999. Apparently Larson didnt have as much as an unpaid parking ticket in his file (has he considered running for office? Thank you for your continued support. The remaining $500 million is in stocks. Cascade Investment Email Format. The Times report also described sources as saying Gates had pursued female employees and been dismissive of French Gates in work meetings at Microsoft. We want to make sure you get the most out of our platform. First, an industry has developed around supporting family offices. After submitting your request, you will receive an activation email to the requested email address. Cascade does not publicly disclose its performance results but it has been reported that because of Larsons relatively conservative strategy, Cascades losses in the 2008 financial crisis were smaller than the industry average for the full year. Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. By providing your email address below, you are providing consent to Ecolab Inc. to send you the requested Investor Email Alert updates. 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. 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. Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. 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. Michael Larson is the Business Manager of Cascade Investment, L.L.C. ][citation needed] This number includes the Bill & Melinda Gates Foundation and Gates's personal wealth. OEM diesel and natural gas engine manufacturer. [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. 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. When it comes to managing that money, they want to apply the best possible investment advice. If you do not wish to receive our cookies, adjust your browser settings. 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. Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. 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. He then earned an MBA from the University of Chicago at the age of 21. The sprawling portfolio under his purview, estimated by Bloomberg News to be valued at about $170 billion, has over the years generated returns that beat the broader stock market by about a percentage point, according to financial filings and people familiar with the matter. Thank you for accessing our content on the Topio Networks Market Intelligence Center. and other data for a number of reasons, such as keeping FT Sites reliable and secure, He also has served on several other public company boards providing him relevant corporate governance experience. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. That has shifted. The most common Cascade Investment email format is [first]. Evans was involved in bank fraud and even served a stint in jail, where Gates visited him. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses personal wealth. While trying to buy a Chicago-based money management firm, Larson received a call from a head hunter to work for Bill Gates. This change is not only happening among high-end investment firms; lawyers and accountants too are coining new phrases. It's unclear what percentage Larson gets out of managing a fortune worth more than $100 billion. A Cascade representative has said the matters were examined and didnt warrant his dismissal. Director of Ecolab since 2012. Larson has and continues to operate under the radar with the exception of a rare interview with Fortune in 1999. Despite the divorce, the Bill & Melinda Gates Foundation is staying intact. 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. 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. He really doesnt need much, if any, equity exposure at all, says Larson. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. 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. In addition, Mr. Larson serves as director to a number of closed end funds and mutual funds within the Western Asset Management fund complex. Please speak to a licensed financial professional before making any investment decisions. He assumed the role in 1994. The Wall Street Journal profiled Larson in 2014, summarizing his job as to "make Bill Gates richer.". [9] This constituted one of the investment firm's largest holdings. Hes a long-term, buy-and-hold investor. Michael Larson is an American money manager. 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. Larson is the chief investment officer for the Bill & Melinda Gates Foundation. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates ' personal fortune through Cascade Investment. 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.. ValueWalk also contains archives of famous investors, and features many investor resource pages. My most important job is asset allocation, he says. At least six employees had told Gates several of whom also approached his wife, Melinda French Gates to complain about Larson's misconduct, according to The Times report. One remarkable feature of the portfolio is how little it changes. We look forward to providing you with even more cutting-edge market research, as Topio Networks. [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. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. What they signal is that family wealth investment management is big business. If you think about it, 90%-plus of Bills wealth is in a single technology stock. [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, 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. Other directorships held during the past five years Director of Republic Services, Inc. and Fomento Economico Mexicano, S.A.B. Despite Michael Larsons experience, in the past Gates has made his own investment decisions in biotech. The way BMGI is structured allows the foundation to separate its programme work from its investments, say people close to the organisation. The rebranding is the latest step in the unfolding story of what will happen to one of the worlds largest fortunes when Gates and French Gates finalize their divorce. 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). But Bert called all 13 and kept each of em on the phone for an hour.. Belong anywhere with Airbnb. [1], He graduated from high school in two years and was recruited to West Point, the Coast Guard Academy, and the Merchant Marine Academy. In 1996, he later hired Alan Heuberger, a fellow graduate of Claremont McKenna College. 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. French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. Recently, Gates' equity has been shifted around (for example, the foundation just sold all of their Apple and Twitter stocks). Because I think some stocks have behavior patterns that run counter to Microsoft, says Larson. She also runs Pivotal Ventures, an investment and incubation firm founded in 2015 that focuses on gender and racial equality and employs roughly 90 people. No credit card required. 2011-2023 VALUEWALK LLC. He was raised in Albuquerque, New Mexico and spent his summers in North Dakota. He was trying to buy a money-management firm in Chicago when the call from Bill Gates headhunter came. 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. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. But I had to meet him.. People may receive compensation for some links to products and services on this website. This article about a financial services corporation of the United States is a stub. 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. 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. When he graduated from high school, he wanted to join the Coast Guard but couldnt because he was only 16. 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. His Investments Say Otherwise. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. He is the chief investment officer for the Bill & Melinda Gates Foundation and Gates' personal investment portfolio. "I regret this greatly but have done a lot of work to change.". ), because Early gave him the thumbs-up. 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. The money I have outside Microsoft is less than 10% of the total, says Gates. Amid controversy, Bill Gates' money manager Michael Larson could be safeguarding a hefty net worth. So he came out, and the two men hit it off. Based in Kirkland, Washington, Cascade shies away from media attention. He started working for Gates in 1994, just one year after Gates let go a man named Andrew L. Evans. cookies Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. Larson convinced St. Dennis to come out of retirement in order to act as an advisor to Larson. Sophie Alexander , Anders Melin and Tom Maloney 22 June, 2021 09:09 am IST 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.
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