[2] It is controlled by Bill Gates, and managed by Michael Larson. 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. But it often instead involves simply keeping wealth steady. Many of them are business-owning families or those so-called financial families, who have sold operating businesses. Some of Michael Larsons investments over the years: ValueWalk.com is a highly regarded, non-partisan site the website provides unique coverage on hedge funds, large asset managers, and value investing. 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. Bill Gates' money manager Michael Larson is accused of making racist and sexist comments. Today’s top 694 Summer Internships jobs in Paris, le-de-France, France. 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. 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. ValueWalk also contains archives of famous investors, and features many investor resource pages. Previously, Mr. Larson was at Harris Investment Management, Putnam Management Company and ARCO. The Wall Street Journal profiled Larson in 2014, summarizing his job as to "make Bill Gates richer.". 2011-2023 VALUEWALK LLC. Formerly a director of AutoNation, Inc. Ecolab USA and other data for a number of reasons, such as keeping FT Sites reliable and secure, "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. Thank you for accessing our content on the Topio Networks Market Intelligence Center. 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. Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. Meet Michael Larson, Michael Larson Manages Gates Fortune Behind The Scenes. Hes bright and very inquiring, and has a strong performance record.. Michael Larson is in charge of Cascade Investment and was reportedly accused of sexual harassment in 2017. In 1996, he later hired Alan Heuberger, a fellow graduate of Claremont McKenna College. 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. Bill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. 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. In August, it increased its stake in Strategic Hotels and Resorts to 9.8 per cent. Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. Michael Larson is an American money manager. 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). A representative for Gates didnt respond to a request for comment. He assumed the role in 1994. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. 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. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. The firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Director of Ecolab since 2012. Part owner of Whistler Four Seasons ski resort in Canada, At least 100,000 acres of farmland across the United States, A 490-acre ranch in Wyoming once owned by Buffalo Bill. He also has served on several other public company boards providing him relevant corporate governance experience. When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. A New York Times report on Sunday said Larson had been accused of sexual harassment in 2017. 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. The way BMGI is structured allows the foundation to separate its programme work from its investments, say people close to the organisation. Offers may be subject to change without notice. The No. 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. Amid controversy, Bill Gates' money manager Michael Larson could be safeguarding a hefty net worth. However, the severity of these claims and the consideration that many may not have come forward are food for thought. 10%. "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? The other reason we do equities is because we have some expertise in certain areas, and we make money at it.. Sign up for notifications from Insider! It's unclear what percentage Larson gets out of managing a fortune worth more than $100 billion. In 1994, Larson and his wife moved to Seattle. Larson is the center of numerous claims, ranging from sexism to racism. 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. From Fortune: He told me I would be working for a wealthy guy in the Pacific Northwest,I actually thought it was Craig McCaw.. 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. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. Despite his high-profile job, he works hard and successfully to stay out of the public eye Cascade declined to speak for the purposes of this article. Thats where the real money is made.. It declined to comment on its investment strategies but it is known to invest globally and across many asset classes. Ecolab.com uses cookies to give you the best possible experience. 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. Cascades assets have periodically been boosted by proceeds from the sales of Gatess Microsoft stock. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Once loosely described as family offices or multi-family offices, this linguistic shift aims to put a finer point on their capabilities as independent advisers on family wealth.. 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. Michael Larson is the Business Manager of Cascade Investment, L.L.C. 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. 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). The William H. Gates Foundation is a little more complicated. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. Larson reportedly told a Black employee she lived 'in the ghetto. Michael Larson's Phone Number and Email Last Update. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses personal wealth. Thank you for your continued support. We want to make sure you get the most out of our platform. ", 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. Second, there are more family offices as a result of the increase in wealth globally and greater information is available about best practice and resources. However, not much is known about the money managers secretive style, or even the investments that Cascade Investment LLC holds. Michael Larson is an American money manager. since 1994. At Ecolab Inc., we promise to treat your data with respect and will not share your information with any third party. 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. Despite the divorce, the Bill & Melinda Gates Foundation is staying intact. In a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. He assumed the role in 1994. 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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. You can help Wikipedia by expanding it. 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. Although an actual statement isn't released, it's believed that Larson manages well over $80 billion year to date.[when? Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. Michael Larson is one of the most powerful men in US wealth management you have never heard of. If you experience any issues with this process, please contact us for further assistance. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. Larson called the investment shop Cascade Investment because the generic name would allow him to operate in the market without drawing attention. Cascade doesnt disclose its overall investment performance, but financial reports from the foundation offer clues. According to Cascade, this is a low ratio. Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. [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. That track record is broadly representative of Cascades overall returns, another person said. When it comes to managing that money, they want to apply the best possible investment advice. 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. And second, we just had an inflow of a couple of billion dollars.. Email. 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 outcome of the investigation was not clear, but Larson kept his job, The Times said. 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. Cascade also owns around 270,000 acres of land, enough to make it the single biggest owner of U.S. farmland, according to the Land Report. 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. Larson attended Valley High School in Albuquerque. His response: My investment group chose to do this.. 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. This allows them to outsource functions previously done in-house. The remaining $500 million is in stocks. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. Mr. Larson has been Chief Investment Officer for Mr. Gates and the Business Manager of Cascade Investment L.L.C., since 1994. Cascade Investment paid settlements to at least seven people who witnessed Larson's behavior, The Times reported. He was also accepted at the University of Washington and Claremont McKenna College. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. New Summer Internships jobs added daily. Under Larson, Cascade has focused some of its attention on UK-listed stocks. Additionally, claims have come forth of sexist and racist comments that Larson made. Cascade Investment paid settlements to at least seven people who . Additionally, Michael Larson has been known to create limited liability corporations especially for real estate purchases, keeping Cascades name off the documents. I am writing on behalf of Michael Larson, who is the manager of Cascade Investment, L.L.C. It has also invested in Diageo, the distiller, and JJB Sports, the retailer. Bets on the bond market have been reduced recently in favor of private equity and other types of adventurous, so-called alternative assets. 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. $10 billion is farmed out to around 25 other money managers, helping to hide the trail and generate other ideas. 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). Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is. Language links are at the top of the page across from the title. A significant stake in the Four Seasons luxury-hotel chain. He is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. 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. Michael Larson Partner at Cascade Investment Location: Duluth, Minnesota Area Biography Chief Investment Officer to William H. Gates III. Find unique places to stay with local hosts in 191 countries. 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.
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