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. Larson was only 16 when he graduated high school and could not attend the Coast Guard Academy until he was 18. Additionally, claims have come forth of sexist and racist comments that Larson made. [6] As for the other 25% of this foundations assets, Larson has made investments running the whole gamut of the bond market. The couples divorce announcement last month cracked the curated image. BMGI does not tolerate inappropriate behavior.". 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. 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. Larson is the chief investment officer of Gates's family office, Cascade Investments. At the center of both the Gates fortune and the Gates Foundation endowment is a little-known entity called Cascade Investment. Larson called the investment shop Cascade Investment because the generic name would allow him to operate in the market without drawing attention. 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. [1] Early life and education Larson was born in Sacramento, California in October 1959. 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. . [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 has occasionally made it clear that Larson has broad discretion to make investment decisions. Cascade Investment paid settlements to at least seven people who witnessed Larson's behavior, The Times reported. A spokesman declined to comment to The Times. 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. 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. 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. To access all the content for free, please sign up by entering your email. Regardless, it's a sizable fortune to manage for one of the world's wealthiest people. According to Cascade, this is a low ratio. Manager, Investment at Cascade Funding . At Ecolab Inc., we promise to treat your data with respect and will not share your information with any third party. ", "See how @DiageoGB scores on #water stewardship in face of #climatechange in new @Ceresnews analysis", "Bill Gates is $9.5 billion richer than he was a year ago, worth over $100 billion, but not just from Microsoft", "Cascade Investment Portfolio Holdings", "The Bill Gates-backed company that's reinventing meat", "Sears gets more time to repay lenders, including funds tied to CEO Edward Lampert and Bill Gates", "Bill Gates' Cascade Investment, GIC buy stakes in StorageMart", "GIP teams up with Blackstone and Cascade to buy Signature Aviation", https://en.wikipedia.org/w/index.php?title=Cascade_Investment&oldid=1132153932, Investment companies of the United States, Conglomerate companies of the United States, Financial services companies established in 1995, 1995 establishments in Washington (state), Privately held companies based in Washington (state), United States financial services company stubs, Creative Commons Attribution-ShareAlike License 3.0. Who is Bill Gates' money manager Michael Larson? - The Sun Michael Larson also manages the funds for the Bill Gates Foundation. Director of Ecolab since 2012. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gatess personal wealth. He really doesnt need much, if any, equity exposure at all, says Larson. Hes bright and very inquiring, and has a strong performance record.. 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. Third, Woodson adds, the generational shift in control of family wealth has changed what family offices focus on and how they are structured. He was raised in Albuquerque, New Mexico and spent his summers in North Dakota. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses personal wealth. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. Unflattering details spilled out, including a report that Larson allegedly harassed & bullied some employees. Learn how and when to remove this template message, "One Family's Finances: How Bill Gates Invests His Money", "Meet the man who runs Bill Gates's money", "Still a great job: Making sure Bill Gates stays rich", "Company Overview of Cascade Investment, L.L.C. Gates already knew about the conviction, but began looking for someone new after the uproar. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is in charge of managing Bills personal wealth through Cascade Investment, as well as handling the Bill & Melinda Gates Foundation Trust endowment. 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. 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. Many of them are business-owning families or those so-called financial families, who have sold operating businesses. Meet Michael Larson, the man who has managed Bill Gates - Yahoo Who is Bill Gates' money manager Michael Larson? | The Sun 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. [2] When Larson started at Cascade, informally known as BGI (Bill Gates Investments), he was the only employee. Bill Gates' money manager Michael Larson is accused of making racist and sexist comments. Michael Larson's Phone Number and Email Last Update. First, there is the question of how much Microsoft stock Gates should own. since 1994. 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. Michael Larson runs a tight ship with his employees as well. 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 is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. He is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. The high-profile couple announced earlier this month that they would separate after 27 years of marriage. I am writing on behalf of Michael Larson, who is the manager of Cascade Investment, L.L.C. 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. 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. cookies ValueWalk also contains archives of famous investors, and features many investor resource pages. Bill and Melinda Gates announced on May 3 that they are splitting after 27 years of marriage. 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. 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. 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. Larson's net worth is projected to be in the millions, though it's unclear where the number lies. Michael Larson is one of the most powerful men in US wealth management you have never heard of. Intelligent Assistance and Bots Ecosystem. After submitting your request, you will receive an activation email to the requested email address. Ecolab Inc. - Corporate Governance - Board of Directors - Person Details Michael Larson is a Manager, Investment at Cascade Funding based in Kirkland, Washington. Larson has and continues to operate under the radar with the exception of a rare interview with Fortune in 1999. Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. Cascade is not a family office in the traditional sense and does not like to call itself one. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. Language links are at the top of the page across from the title. He favors cable stocks such as TCI and Liberty Media, as well as Cox Communications and Barry Dillers USA Networks. It holds around a 4 per cent stake in Warren Buffetts Berkshire Hathaway investment group, owns 47 per cent of the Four Seasons hotel company and about 6 per cent of Bunzl, the distribution and outsourcing group. Recently, Gates' equity has been shifted around (for example, the foundation just sold all of their Apple and Twitter stocks). That track record is broadly representative of Cascades overall returns, another person said. With a high-profile job adjacent to a billionaire duo, Larson gets a sliver of the Bill and Melinda Gates investments. First, an industry has developed around supporting family offices. Gates $5 billion personal portfolio is another matter. 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. Jamie Walters, CAIA on Twitter: "Michael Larson (born October 1959) is This change is not only happening among high-end investment firms; lawyers and accountants too are coining new phrases. You must click the activation link in order to complete your subscription. Please speak to a licensed financial professional before making any investment decisions. We look forward to providing you with even more cutting-edge market research, as Topio Networks. Michael Larson has served as Bill Gates' money manager for decades. 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. Then he shifted gears and joined Putnam Investments in Boston, managing bond funds. 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. Apr 30, 2023 - Rent from people in le-de-France, France from $20/night. Family business consulting, private company services and even strategic philanthropy advice have joined the lexicon of wealth management for the extremely rich, she says. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. I needed to have complete faith in the person I picked since I didnt ever want to have to look over their shoulder.. This has meant that more money has been created to go into the foundations mission to fight disease and improve education in the developing world. Bill Gates's money manager 'is a bully who shared nude - The Sun Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. 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. 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. Who is Michael Larson? Bill Gates' money manager accused of racist analyse how our Sites are used. Sources told The Times that the woman reached a settlement in 2018, signing a nondisclosure agreement in exchange for a payment. [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. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. 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. His Investments Say Otherwise. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. Following the divorce of Bill Gates and Melinda French Gates, their money manager has come under some serious scrutiny. Being the investment chief for one of the worlds biggest family fortunes might seem like an enviable job for an investor mulling creative bets. , For instance, if and when the air comes out of tech stocks, food and oil stocks could hold up real well. Theres hardly a worry about fundraising, client withdrawals or onerous regulations. Like Cascade, many single family investment firms are moving away from the term family office. Catherine Tillotson, managing partner of Scorpio Partnership, the consultancy, says: A tour around Londons elite wealth management boutiques reveals the growing popularity of the term private investment office. ' . To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. This article about a financial services corporation of the United States is a stub. and other data for a number of reasons, such as keeping FT Sites reliable and secure, [8], Cascade has managed Gates' stake in Canadian National Railway since 2013. He is the chief investment officer for the Bill & Melinda Gates Foundation and Gates' personal investment portfolio. 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.. I think he had just fired some people, and I thought he would be difficult to work for. What about the other 30%, or $1.5 billion? 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. EDIT CAREER. Michael Larson Elected to Serve on Board of Directors for Republic 1 Ecolab Place Larson convinced St. Dennis to come out of retirement in order to act as an advisor to Larson. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds. Gates money manager had to be smart, trustworthy and as clean as a whistle. Who is Michael Larson? Since we are obviously heavily weighted with Microsoft, we will sell stock periodically in order to get more diversity. So after the deal, index managers had to sell Berkshire, depressing the price.. Access your favorite topics in a personalized feed while you're on the go. Michael Larson - Chief Investment Officer - Cascade Asset Management One remarkable feature of the portfolio is how little it changes. 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. So whats in the portfolios? 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. On Monday, a spokesman said that Bill and Melinda Gates Investments the 100-person strong team led by Larson thats overseen their personal fortune and the endowment of their namesake foundation changed its name to Cascade Asset Management Co. Other directorships held during the past five years Director of AutoNation, Inc., Republic Services, Inc., Grupo Televisa, S.A.B. Based in Kirkland, Washington, Cascade shies away from media attention. [3] More than half of Gates's fortune is held in assets outside his holding of Microsoft shares. Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. He was also accepted at the University of Washington and Claremont McKenna College. 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. In 2008, it bought a 3 per cent share of Carpetright, the flooring retailer, but has since reduced its stake. $10 billion is farmed out to around 25 other money managers, helping to hide the trail and generate other ideas. 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). Read our Cookies Policy to learn more. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. It's unclear what percentage Larson gets out of managing a fortune worth more than $100 billion. Previously, Michael was a Manager, Investment at BMGi. The claims that Larson made racist and sexist comments have come from former employees of his, reported The New York Times and Business Insider. 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 foundation's future may or may not include Larson, depending on the outcome of the claims. Copyright 2022 Printline Media Pvt. After a few years, Larson moved to Boston to work for Putnam Investments managing bond funds. Get updates on the latest posts and more from ValueWalk straight to your inbox. Copyright 2023 Market Realist. Michael Larson Cascade: Bio, Quotes, Articles, Returns, Gates That has shifted. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates' personal wealth and that of his charitable foundation. ][citation needed] This number includes the Bill & Melinda Gates Foundation and Gates's personal wealth. In one instance, sources told The Times that Larson made a racist comment to former employee Stacy Ybarra, who is Black. Smaller investments include stakes in nuclear-reactor developer TerraPower LLC and meat-substitute maker Beyond Meat. [citation needed], Larson is a regular attendant of the Allen & Company Sun Valley Conference. As an asset investor solely dedicated to the Gates operation, Larson's own net worth is under fire, too. I thought it was the old FBI trick, chuckles Larson, you know, ask for 13 and randomly pick three. Thanks in part to Mr. Larson and the soaring value of Microsoft's shares, Mr.. Gates hired him almost 30 years ago, when the Microsoft cofounder's net worth was closer to $5 billion. [2] It is controlled by Bill Gates, and managed by Michael Larson. 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). Its basically the same strategy most individual investors engage in.. 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? 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. He is the chief investment officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. Get Verified Emails for 20 Cascade Investment Employees. Even a small fraction of a percentage would be enough to make Larson a rich man. First, it reflects my view of the markets. 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. [3] Cascade is a diversified investment shop, although there is an emphasis on real estate private equity managed by the subsidiary, Los Arboles Management. By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. Bill Woodson, north America head of the family office group at Citi Private Bank, says: While family offices take different forms, the challenges they face are very similar and, as a result, the ultimate solutions they adopt as they evolve tend to be similar, although addressed with varying levels of focus, staffing and professionalism.. Cascade's most recent Form 13F filed with the SEC showed assets of $2.1 billion. Michael Larson is an American money manager. Find unique places to stay with local hosts in 191 countries. 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. Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. Of the nonbond portion of Gates portfolio, another $250 million is in what Larson calls real stuff.. Europe, Menlo Park, China), Where the person is located (e.g. Larson, who has worked as Gates' money manager for nearly three decades through Cascade, made sexual and racist comments, 10 former employees and others familiar with the firm told The Times. Some current and former employees say he can be brusque and controlling, even deciding the seating chart for the investment firms annual holiday party. ", 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. However, not much is known about the money managers secretive style, or even the investments that Cascade Investment LLC holds. 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. 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. 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. "Years ago, earlier in my career, I used harsh language that I would not use today," Larson said in a statement to The Times. Because I think some stocks have behavior patterns that run counter to Microsoft, says Larson. 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. The Learning Foundation is the simplest. ThePrint with exceptional reporters, columnists and editors is doing just that. What Is Michael Larson's Net Worth? Also read: Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes. Sign up for notifications from Insider! 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). Despite Michael Larsons experience, in the past Gates has made his own investment decisions in biotech. ), because Early gave him the thumbs-up. 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. Michael Larson is Bill Gates private money managerand runs Gates personal investment company Cascade Investment LLC, funded solely by Gates.

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