ThePrint with exceptional reporters, columnists and editors is doing just that. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. Representatives for Larson and Cascade Investments did not immediately respond to Insider's request for comment. Get updates on the latest posts and more from ValueWalk straight to your inbox. Two decades ago, Larson put it more bluntly. . Who is Bill Gates' money manager Michael Larson? | The Sun [citation needed], Larson is a regular attendant of the Allen & Company Sun Valley Conference. Apparently Larson didnt have as much as an unpaid parking ticket in his file (has he considered running for office? 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). While trying to buy a Chicago-based money management firm, Larson received a call from a head hunter to work for Bill Gates. He assumed the role in 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. 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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. since 1994. 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 . 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. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. 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. Please speak to a licensed financial professional before making any investment decisions. Belong anywhere with Airbnb. Gates already knew about the conviction, but began looking for someone new after the uproar. 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. The manager had broad leeway from Gates on investment decisions, they both have said. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. Sustaining this needs support from wonderful readers like you. [10] In 2022, the company sold $940 million worth of stocks, whittling Gates' stake down to 1.4 percent.[9]. 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. Based in Kirkland, Washington, Cascade shies away from media attention. He is the Chief Investment Officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. However, the severity of these claims and the consideration that many may not have come forward are food for thought. My most important job is asset allocation, he says. 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. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. New Summer Internships jobs added daily. Michael Larson runs a tight ship with his employees as well. Michael Larson, Partner, Cascade Investment 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. In 1994, Larson and his wife moved to Seattle. Sophie Alexander , Anders Melin and Tom Maloney 22 June, 2021 09:09 am IST We use We want to make sure you get the most out of our platform. 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. 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. This Man's Job: Make Bill Gates Richer - WSJ He started digital-image company Corbis Corp. in 1989. 10%. I am writing on behalf of Michael Larson, who is the manager of Cascade Investment, L.L.C. Michael Larson is in charge of Cascade Investment and was reportedly accused of sexual harassment in 2017. Even a small fraction of a percentage would be enough to make Larson a rich man. So he came out, and the two men hit it off. St. Paul, MN 55102. Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. Of the 15 stocks listed in the foundation trusts most recent filing, which discloses positions traded on U.S. exchanges, 10 of them were in the portfolio a decade ago. Michael Larson is Bill Gates' private money manager and runs Gates' personal investment company Cascade Investment LLC, funded solely by Gates. Larson is the chief investment officer of Gates's family office, Cascade Investments. And second, we just had an inflow of a couple of billion dollars.. Part of Larsons job was to help Bill Gates uphold his image as a wonky billionaire devoted to fixing the worlds challenges, rather than make bold moves that could draw scrutiny. Cascade has holdings in property and non-technology companies. And for good reason. Michael Larson is a Manager, Investment at Cascade Funding based in Kirkland, Washington. cookies 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. 30 Apr 2023 20:37:03 PDF # 22 July 11, 2003 VIA E-MAIL United States Department of Treasury P.O 694 Summer Internships jobs in Paris, le-de-France, France (6 new) 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. Regardless, it's a sizable fortune to manage for one of the world's wealthiest people. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses personal wealth. and is the Chief Investment Officer for William H. Gates III. After a few years, Larson moved to Boston to work for Putnam Investments managing bond funds. First, an industry has developed around supporting family offices. 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. [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. Gates money manager had to be smart, trustworthy and as clean as a whistle. He is the chief investment officer for the Bill & Melinda Gates Foundation and Gates' personal investment portfolio. Cascade is the personal investment entity of William H. Gates III, the sole member of Cascade. www.vbprofiles.com is now www.topionetworks.com. Ecolab Inc. - Corporate Governance - Board of Directors - Person Details 5 free lookups per month. An investment firm paid at least seven settlements to people who are alleged to have witnessed workplace misconduct by Bill Gates' money manager Michael Larson, The New York Times reported Wednesday. Whether you live in India or overseas, you can take a paid subscription by clicking here. Cascade Investment Chief Investment Officer 1994 Board and Advisor Roles 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. Michael Larson (born October 1959) is an American money manager. India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. The BMGI/Michael Larson Asset Management Fellowship Program is designed to support juniors and seniors at Claremont McKenna College who are interested in studies and careers involving asset management and investment management. ValueWalk also contains archives of famous investors, and features many investor resource pages. Bill Gates Money Manager Michael Larson Accused of Misconduct in 2017: NYT Gates hired him almost 30 years ago, when the Microsoft cofounder's net worth was closer to $5 billion. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. Most of the time, even Bill Gates doesnt know what investments Cascade owns. Language links are at the top of the page across from the title. 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. 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. If you experience any issues with this process, please contact us for further assistance. 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. Also read: Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes. Despite Michael Larsons experience, in the past Gates has made his own investment decisions in biotech. "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. First, there is the question of how much Microsoft stock Gates should own. [last] (ex. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. 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. Stay up to date with what you want to know. Michael Larson Partner at Cascade Investment Location: Duluth, Minnesota Area Biography Chief Investment Officer to William H. Gates III. Previously, Mr. Larson was at Harris Investment Management, Putnam Management Company and ARCO. This page is not available in other languages. Larson also has a significant amount of money in short positionsactually more than usual right nowwhich reflects his view that many stocks are fully, if not overly, valued. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. This change is not only happening among high-end investment firms; lawyers and accountants too are coining new phrases. Since we are obviously heavily weighted with Microsoft, we will sell stock periodically in order to get more diversity. Who is Michael Larson? ", 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. Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. This article about a financial services corporation of the United States is a stub. Based in Kirkland, Wash., and run by Michael Larson, a former. 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. We encourage you to review our Privacy Policy. 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). It has also invested in Diageo, the distiller, and JJB Sports, the retailer. Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. ][citation needed] This number includes the Bill & Melinda Gates Foundation and Gates's personal wealth. (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. He is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. [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. He also has served on several other public company boards providing him relevant corporate governance experience. At the center of both the Gates fortune and the Gates Foundation endowment is a little-known entity called Cascade Investment. Insider could not reach Larson. Recently, Gates' equity has been shifted around (for example, the foundation just sold all of their Apple and Twitter stocks). Evans was involved in bank fraud and even served a stint in jail, where Gates visited him. Being the investment chief for one of the worlds biggest family fortunes might seem like an enviable job for an investor mulling creative bets. 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. 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. The portfolio is pretty conservatively positioned right now for a couple of reasons, says Larson. He was also accepted at the University of Washington and Claremont McKenna College. Michael Larson is the Business Manager of Cascade Investment, L.L.C. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. As for the other 25% of this foundations assets, Larson has made investments running the whole gamut of the bond market. Meet Michael Larson, Michael Larson Manages Gates Fortune Behind The Scenes. By using Ecolab.com, you consent to our use of cookies. Other directorships held during the past five years Director of Republic Services, Inc. and Fomento Economico Mexicano, S.A.B. [9] This constituted one of the investment firm's largest holdings. Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gatess personal wealth. 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. Michael Larson (businessman) - Wikipedia When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. Michael Larson also manages the funds for the Bill Gates Foundation. Michael Larson is Bill Gates private money managerand runs Gates personal investment company Cascade Investment LLC, funded solely by Gates.