This helps family offices professionalise earlier than they would have before. [1] Larson subsequently earned an MBA from the University of Chicago at the age of 21. He really doesnt need much, if any, equity exposure at all, says Larson. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. [1] I think he had just fired some people, and I thought he would be difficult to work for. Jamie Walters, CAIA on Twitter: "Michael Larson (born October 1959) is Michael Larson (businessman) - Wikipedia Like Cascade, many single family investment firms are moving away from the term family office. He is the chief investment officer for the Bill & Melinda Gates Foundation and Gates' personal investment portfolio. A Cascade representative has said the matters were examined and didnt warrant his dismissal. New York: For almost three decades, Michael Larson has quietly shuffled around one of the worlds biggest fortunes with a chief priority: Keep his fabulously wealthy bosses out of the headlines. Larson has and continues to operate under the radar with the exception of a rare interview with Fortune in 1999. Formerly a director of AutoNation, Inc. Ecolab USA Director of Ecolab since 2012. Michael Larson is one of the most powerful men in US wealth management you have never heard of. If you think about it, 90%-plus of Bills wealth is in a single technology stock. Larson denied "some but not all" of the allegations of misconduct detailed in The Times report. 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. The interview was what really sold me on Michael, says Gates. A spokesman declined to comment to The Times. analyse how our Sites are used. With a high-profile job adjacent to a billionaire duo, Larson gets a sliver of the Bill and Melinda Gates investments. 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. The firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa. 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 head hunter had heard of Larson from a few investors in Tacoma, Washington. Larson is the center of numerous claims, ranging from sexism to racism. What about the other 30%, or $1.5 billion? If you do not wish to receive our cookies, adjust your browser settings. "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? You can sign up for additional alert options at any time. First, an industry has developed around supporting family offices. Business data for Cascade Investment, LLC: This page was last edited on 7 January 2023, at 14:28. Its five largest publicly disclosed equity holdings are: Canadian National Railway; Republic Services, the waste removal company; Ecolab, the disinfectant maker; Femsa, the drinks group; and Deere, the maker of agricultural machinery. 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. This allows them to outsource functions previously done in-house. First, it reflects my view of the markets. And for good reason. He started working for Gates in 1994, just one year after Gates let go a man named Andrew L. Evans. We encourage you to review our Privacy Policy. 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. Michael Larson - Chief Investment Officer @ Cascade Investment Cascades assets have periodically been boosted by proceeds from the sales of Gatess Microsoft stock. [1], After receiving his MBA from the University of Chicago, Larson went to work for ARCO doing mergers and acquisitions. The No. The claims that Larson made racist and sexist comments have come from former employees of his, reported The New York Times and Business Insider. . Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. Read our Cookies Policy to learn more. Stay up to date with what you want to know. Before teaching at Claremont McKenna College, St. Dennis was Assistant Secretary to the Treasury under Ronald Reagan and was Chairman and CEO of California Federal Bank. It's unclear what percentage Larson gets out of managing a fortune worth more than $100 billion. No credit card required. 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. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gatess personal wealth. 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. de C.V. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. He also owns some emerging-market debt and high-yield issues. So he came out, and the two men hit it off. Insider could not reach Larson. Gates hired him almost 30 years ago, when the Microsoft cofounder's net worth was closer to $5 billion. 3/13/2023 2:22 PM. Michael Larson is Bill Gates' private money manager and runs Gates' personal investment company Cascade Investment LLC, funded solely by Gates. [3] More than half of Gates's fortune is held in assets outside his holding of Microsoft shares. It has also invested in Diageo, the distiller, and JJB Sports, the retailer. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. 30 Apr 2023 20:37:03 The couples divorce announcement last month cracked the curated image. 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. 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. Biography Chief Investment Officer to William H. Gates III. [6] Smaller investments include stakes in nuclear-reactor developer TerraPower LLC and meat-substitute maker Beyond Meat. 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. 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. I am writing on behalf of Michael Larson, who is the manager of Cascade Investment, L.L.C. www.vbprofiles.com is now www.topionetworks.com. [8], Cascade has managed Gates' stake in Canadian National Railway since 2013. Family business consulting, private company services and even strategic philanthropy advice have joined the lexicon of wealth management for the extremely rich, she says. Who is Michael Larson? Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. Who is Bill Gates' money manager Michael Larson? - The Sun 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. Michael Larson Email & Phone Number - Cascade F.. | ZoomInfo French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. Resume. Thanks in part to Mr. Larson and the soaring value of Microsoft's shares, Mr.. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. Biography Chief investment officer to William H. Gates III. Ecolabs innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets. Michael Larson is a Manager, Investment at Cascade Funding based in Kirkland, Washington. Jobs Number of Current Jobs 1 Michael Larson is the Chief Investment Officer at Cascade Investment. Meet Michael Larson, the man who has managed Bill Gates - Yahoo Found email list ings include: @cascademgt.com. since 1994. So whats in the portfolios? To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. A representative for Gates didnt respond to a request for comment. The money I have outside Microsoft is less than 10% of the total, says Gates. This change is not only happening among high-end investment firms; lawyers and accountants too are coining new phrases. Michael Larson (born October 1959) is an American money manager. Email. Sources told The Times that the woman reached a settlement in 2018, signing a nondisclosure agreement in exchange for a payment. 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. 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). The manager had broad leeway from Gates on investment decisions, they both have said. Evans was involved in bank fraud and even served a stint in jail, where Gates visited him. This page is not available in other languages. 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. 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. Gen Re was in the S&P 500. Cascade Investment Chief Investment Officer 1994 Board and Advisor Roles Previously, Michael was a Manager, Investment at BMGi. The high-profile couple announced earlier this month that they would separate after 27 years of marriage. Michael Larson is one of the most powerful men in US wealth management you have never heard of. Background Report. Other directorships held during the past five years Director of AutoNation, Inc., Republic Services, Inc., Grupo Televisa, S.A.B. Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. He has served as the Chair of the Investment Committee at the University of Washington.[4]. is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. 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? PDF # 22 July 11, 2003 VIA E-MAIL United States Department of Treasury P.O By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. We want to make sure you get the most out of our platform. Whether you live in India or overseas, you can take a paid subscription by clicking here. 5 free lookups per month. Learn more about Michael Larson, Investment Advisor, Cascade Investment Group including contact information, career history, news and intelligence. 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. 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. 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. Market Realist is a registered trademark. Language links are at the top of the page across from the title. Cascade's sole. Amid controversy, Bill Gates' money manager Michael Larson could be safeguarding a hefty net worth. Since 1995, Larson has delivered a compound annual return of around 11 per cent. Michael Larson is in charge of Cascade Investment and was reportedly accused of sexual harassment in 2017. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates' personal wealth and that of his charitable foundation. powered by Digital Info. Michael Larson Partner at Cascade Investment Location: Duluth, Minnesota Area Biography Chief Investment Officer to William H. Gates III. Michael Larson, manager of Gates' $170 billion who was supposed to keep Cascade Investment, L.L.C. I thought it was the old FBI trick, chuckles Larson, you know, ask for 13 and randomly pick three. Despite the divorce, the Bill & Melinda Gates Foundation is staying intact. Bill Gates Family Office Head Accused of Sexual Harassment in 2017 Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds.
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