He studied at Claremont McKenna College for three years,. It declined to comment on its investment strategies but it is known to invest globally and across many asset classes. Language links are at the top of the page across from the title. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. Sign up for notifications from Insider! 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. Following the divorce of Bill Gates and Melinda French Gates, their money manager has come under some serious scrutiny. It has also invested in Diageo, the distiller, and JJB Sports, the retailer. Representatives for Larson and Cascade Investments did not immediately respond to Insider's request for comment. 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. Other directorships held during the past five years Director of AutoNation, Inc., Republic Services, Inc., Grupo Televisa, S.A.B. You can help Wikipedia by expanding it. When it comes to managing that money, they want to apply the best possible investment advice. Michael Larson (born October 1959) is an American money manager. 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. 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. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. Business data for Cascade Investment, LLC: This page was last edited on 7 January 2023, at 14:28. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Like Cascade, many single family investment firms are moving away from the term family office. Bill Gates money manager: What to know about Michael Larson, Bennett inks new deal with Schaumburg Boomers, Bill Gates Says He's Fighting Climate Change. The Times reported that the handling of the situation had put Bill and Melinda Gates at odds. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses personal wealth. Sustaining this needs support from wonderful readers like you. He then earned an MBA from the University of Chicago at the age of 21. [citation needed], Larson is a regular attendant of the Allen & Company Sun Valley Conference. Michael Larson is Bill Gates' private money manager and runs Gates' personal investment company Cascade Investment LLC, funded solely by Gates. Witnesses of Misconduct by Bill Gates' Money Manager Paid Off: NYT Michael Larson (born October 1959) is an American money manager. Bill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. Michael Larson Partner at Cascade Investment Location: Duluth, Minnesota Area Biography Chief Investment Officer to William H. Gates III. Also read: Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes. The record illustrates the priorities of the uppermost strata of the ultrarich, where investment horizons span generations and riskier bets often dont outweigh the value of a good reputation. Director of Ecolab since 2012. 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. The outcome of the investigation was not clear, but Larson kept his job, The Times said. Michael Larson is one of the most powerful men in US wealth management you have never heard of. Since we are obviously heavily weighted with Microsoft, we will sell stock periodically in order to get more diversity. Unflattering details spilled out, including a report that Larson allegedly harassed & bullied some employees. Larson has and continues to operate under the radar with the exception of a rare interview with Fortune in 1999. Larson convinced St. Dennis to come out of retirement in order to act as an advisor to Larson. Michael Larson Cascade: Bio, Quotes, Articles, Returns, Gates Since 1995, Michael Larson has delivered a compound annual return of 11% for the Gates Foundation and two predecessors, outperforming the S&P 500 stock index by more than one percentage point. Larson reportedly told a Black employee she lived 'in the ghetto. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is. Sources told The Times that the woman reached a settlement in 2018, signing a nondisclosure agreement in exchange for a payment. Source: getty. 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. Michael Larson also manages the funds for the Bill Gates Foundation. Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. www.vbprofiles.com is now www.topionetworks.com. Michael Larson is the Business Manager of Cascade Investment, L.L.C. You must click the activation link in order to complete your subscription. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. Get updates on the latest posts and more from ValueWalk straight to your inbox. 10%. 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. [1], Larson was born in Sacramento, California in October 1959. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. This allows them to outsource functions previously done in-house. A spokesperson for Cascade said there have been less than five complaints against Larson out of 380 people he's managed. 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. He was also accepted at the University of Washington and Claremont McKenna College. 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. Despite the divorce, the Bill & Melinda Gates Foundation is staying intact. Gen Re was in the S&P 500. Michael Larson is an American money manager. Bill Gates Money Manager Michael Larson Accused of Misconduct in 2017: NYT 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. Even a small fraction of a percentage would be enough to make Larson a rich man. Cascade Investment - Wikipedia A Culture of Fear at the Firm That Manages Bill Gates's Fortune [1] In 2021, Cascade drew attention due to allegations of toxic work environment caused by Larson. 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. One remarkable feature of the portfolio is how little it changes. The Gateses' Public Split Spotlights a Secretive Fortune - New York Times The William H. Gates Foundation is a little more complicated. First, it reflects my view of the markets. After two years, Larson left Putnam to run his own fund.[1]. If you experience any issues with this process, please contact us for further assistance. ValueWalk also contains archives of famous investors, and features many investor resource pages. He also has served on several other public company boards providing him relevant corporate governance experience. While trying to buy a Chicago-based money management firm, Larson received a call from a head hunter to work for Bill Gates. Ecolab Inc. - Corporate Governance - Board of Directors - Person Details Michael Larson (businessman) - Wikipedia ("Cascade"), of which I am the General Counsel. Despite Michael Larsons experience, in the past Gates has made his own investment decisions in biotech. The Times report also described sources as saying Gates had pursued female employees and been dismissive of French Gates in work meetings at Microsoft. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. But it often instead involves simply keeping wealth steady. However, not much is known about the money managers secretive style, or even the investments that Cascade Investment LLC holds. Larson's net worth is projected to be in the millions, though it's unclear where the number lies. [9] This constituted one of the investment firm's largest holdings. Michael Larson (born October 1959) is an American money manager. "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 was trying to buy a money-management firm in Chicago when the call from Bill Gates headhunter came. When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. le-de-France Vacation Rentals & Homes - France | Airbnb Stay up to date with what you want to know. Biography Chief Investment Officer to William H. Gates III. Access your favorite topics in a personalized feed while you're on the go. First, there is the question of how much Microsoft stock Gates should own. Married with three children, Michael Larson prefers Levis jeans and dark pink shirts. People may receive compensation for some links to products and services on this website. Sources also told The Journal that Gates and Larson mostly had a professional relationship and that they rarely interacted socially. 3/13/2023 2:22 PM. 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. He studied at Claremont McKenna College for three years, achieving a degree in economics. Larson, 61, has worked for Gates through Cascade since 1994. 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. 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. I think he had just fired some people, and I thought he would be difficult to work for. He grew up in North Dakota and Albuquerque, New Mexico, and received an MBA from the University of Chicago, Fortune reported in 1999. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index. 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. 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. 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 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. Theres hardly a worry about fundraising, client withdrawals or onerous regulations. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. Bill Gates's money manager created 'culture of fear' for staff, says He also has served on several other public company boards providing him relevant corporate governance experience. 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? A significant stake in the Four Seasons luxury-hotel chain. Gates money manager had to be smart, trustworthy and as clean as a whistle. He started working for Gates in 1994, just one year after Gates let go a man named Andrew L. Evans. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. 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). 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Thats where the real money is made.. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. The interview was what really sold me on Michael, says Gates. And its the biggest shareholder of Republic Services Inc., which for years has feuded with the International Brotherhood of Teamsters union, whose members are employees. 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. and Fomento Mexicano Economico, S.A.B. [1] Early life and education Larson was born in Sacramento, California in October 1959. 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. Bill Gates's money manager 'is a bully who shared nude - The Sun Sign up for notifications from Insider! Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. [8], Cascade has managed Gates' stake in Canadian National Railway since 2013. 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 . He is the Chief Investment Officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. and is the Chief Investment Officer for William H. Gates III. and other data for a number of reasons, such as keeping FT Sites reliable and secure, My most important job is asset allocation, he says. [1], He graduated from high school in two years and was recruited to West Point, the Coast Guard Academy, and the Merchant Marine Academy. Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. 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. 694 Summer Internships jobs in Paris, le-de-France, France (6 new) 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. Ecolabs innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets. 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. 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. What they signal is that family wealth investment management is big business. Michael Larson Elected to Serve on Board of Directors for Republic Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. With a high-profile job adjacent to a billionaire duo, Larson gets a sliver of the Bill and Melinda Gates investments. de C.V. The newspaper. Background Report. 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). In an extensive investigation the newspaper said that Michael Larson, who runs Cascade Investments, had created a "culture of fear" where the employee abuses had occurred. Cascade is the personal investment entity of William H. Gates III, the sole member of Cascade. 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. Larson was only 16 when he graduated high school and could not attend the Coast Guard Academy until he was 18. is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. 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.
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