However, the severity of these claims and the consideration that many may not have come forward are food for thought. 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. So where once the term family office was synonymous with the isolated management of an individual familys wealth, today it perhaps best describes a growing body of professional knowledge and an industry in its own right that includes both specialist and general practitioners.. 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. First, there is the question of how much Microsoft stock Gates should own. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. Thank you for accessing our content on the Topio Networks Market Intelligence Center. [1], Larson was born in Sacramento, California in October 1959. Cascade's most recent Form 13F filed with the SEC showed assets of $2.1 billion. Cascade Investment Email Format | cascadeinvestors.com Emails The newspaper. Michael Larson is one of the most powerful men in US wealth management you have never heard of. I needed to have complete faith in the person I picked since I didnt ever want to have to look over their shoulder.. Bill Gates's money manager 'is a bully who shared nude - The Sun He is the chief investment officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. Michael Larson (born October 1959) is an American money manager. Unflattering details spilled out, including a report that Larson allegedly harassed & bullied some employees. Michael Larson is the Business Manager of Cascade Investment, L.L.C. Recently, Gates' equity has been shifted around (for example, the foundation just sold all of their Apple and Twitter stocks). Bill Gates' money manager Michael Larson was accused of making racist, sexist remarks to employees, The New York Times reported. Michael Larson Email & Phone Number - Cascade F.. | ZoomInfo The Times reported that the handling of the situation had put Bill and Melinda Gates at odds. Hes bright and very inquiring, and has a strong performance record.. According to Cascade, this is a low ratio. He also has served on several other public company boards providing him relevant corporate governance experience. Cascades assets have periodically been boosted by proceeds from the sales of Gatess Microsoft stock. Younger family members tend to, at a higher rate than before, focus on pursuing philanthropy earlier and on integrating philanthropy into a familys investment activities, he says. Learn more about Michael Larson, Investment Advisor, Cascade Investment Group including contact information, career history, news and intelligence. "Years ago, earlier in my career, I used harsh language that I would not use today," Larson said in a statement to The Times. In 2008, it bought a 3 per cent share of Carpetright, the flooring retailer, but has since reduced its stake. 2011-2023 VALUEWALK LLC. Larson is the chief investment officer of Gates's family office, Cascade Investments. BMGI does not tolerate inappropriate behavior.". Following the divorce of Bill Gates and Melinda French Gates, their money manager has come under some serious scrutiny. He started working for Gates in 1994, just one year after Gates let go a man named Andrew L. Evans. Michael Larson - Chief Investment Officer @ Cascade Investment Belong anywhere with Airbnb. 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. BMGI is an organisation that manages the portfolios of Cascade, the Bill & Melinda Gates Foundation Trust and other entities, but again it does not label itself as a family office. People may receive compensation for some links to products and services on this website. First, an industry has developed around supporting family offices. Then he shifted gears and joined Putnam Investments in Boston, managing bond funds. He has served as the Chair of the Investment Committee at the University of Washington.[4]. Director of Ecolab since 2012. 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. jane.doe@cascadeinvestors.com), which is being used by 100.0% of Cascade Investment work email addresses. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. Its basically the same strategy most individual investors engage in.. Michael Larson has served as Bill Gates' money manager for decades. Well send you a myFT Daily Digest email rounding up the latest US news every morning. He was trying to buy a money-management firm in Chicago when the call from Bill Gates headhunter came. He is responsible for Mr. Gates' non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. "I regret this greatly but have done a lot of work to change.". OEM diesel and natural gas engine manufacturer. That has shifted. [citation needed], Larson is a regular attendant of the Allen & Company Sun Valley Conference. As for the actual content of Gates $5 billion portfolio (drum roll, please), it turns out to be not that exciting. Bill Gates Family Office Head Accused of Sexual Harassment in 2017 The holdings havent uniformly jived with the Gateses charitable endeavors or priorities, which include global health and, more recently, climate change. Representatives for Larson and Cascade Investments did not immediately respond to Insider's request for comment. 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. [6] Michael Larson Cascade: Bio, Quotes, Articles, Returns, Gates 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. As an asset investor solely dedicated to the Gates operation, Larson's own net worth is under fire, too. The remaining $500 million is in stocks. Read our Cookies Policy to learn more. Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. ", "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. Cascade doesnt disclose its overall investment performance, but financial reports from the foundation offer clues. The portfolio is pretty conservatively positioned right now for a couple of reasons, says Larson. 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 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. From there Larson went to work for Arco doing mergers and acquisitions. The price some of these guys are willing to pay to stay out of the news is high, said Tayyab Mohamed, co-founder of family office recruiting firm Agreus Group. 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. After two years, Larson left Putnam to run his own fund.[1]. At Ecolab Inc., we promise to treat your data with respect and will not share your information with any third party. Manager, Investment at Cascade Funding . Copyright 2023 Market Realist. He also has served on several other public company boards providing him relevant corporate governance experience. [1], After receiving his MBA from the University of Chicago, Larson went to work for ARCO doing mergers and acquisitions. [1] In 2021, Cascade drew attention due to allegations of toxic work environment caused by Larson. 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. Witnesses of Misconduct by Bill Gates' Money Manager Paid Off: NYT Bill Gates decided to hire Michael Larson after the Journal reported in 1993 that the entrepreneurs money manager at the time had previously been convicted of bank fraud. Larson, 61, has worked for Gates through Cascade since 1994. 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. Get updates on the latest posts and more from ValueWalk straight to your inbox. . From Fortune: He told me I would be working for a wealthy guy in the Pacific Northwest,I actually thought it was Craig McCaw.. It so happens that one of Larsons interests is media stocks. Basically we are short on the yield curve right now, Larson says, again reflecting his wary view of the markets. personalising content and ads, providing social media features and to [3] More than half of Gates's fortune is held in assets outside his holding of Microsoft shares. Ecolabs innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets. [2] When Larson started at Cascade, informally known as BGI (Bill Gates Investments), he was the only employee. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds. Employees are made to sign confidentiality agreements, which cover them even after they leave. Bill Gates' money manager Michael Larson is accused of making racist and sexist comments. The interview was what really sold me on Michael, says Gates. Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. 30 Apr 2023 20:37:03 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). [2] It is controlled by Bill Gates, and managed by Michael Larson. The couples divorce announcement last month cracked the curated image. [last] (ex. Michael Larson works at Cascade Asset Management, which is a Custom Software & IT Services company with an estimated 90 employees. It declined to comment on its investment strategies but it is known to invest globally and across many asset classes. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. Gates already knew about the conviction, but began looking for someone new after the uproar. The family office market can take many forms, from a single former executive assistant helping a patriarch/matriarch, to a 40-person professional investment organisation that also deals with personal affairs. Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. In one instance, sources told The Times that Larson made a racist comment to former employee Stacy Ybarra, who is Black. The outcome of the investigation was not clear, but Larson kept his job, The Times said. 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. The Times report also described sources as saying Gates had pursued female employees and been dismissive of French Gates in work meetings at Microsoft. 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. What Is Michael Larson's Net Worth? The Wall Street Journal profiled Larson in 2014, summarizing his job as to "make Bill Gates richer.". He studied at Claremont McKenna College for three years, achieving a degree in economics. 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. 3/13/2023 2:22 PM. At the time, the portfolios both for the foundation and for the Gateses personal money mostly consisted of bonds, with some bets on private equity, commodities, Florida real estate and British hotels. ThePrint with exceptional reporters, columnists and editors is doing just that. 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? [9] This constituted one of the investment firm's largest holdings. Michael Larson is Bill Gates' private money manager and runs Gates' personal investment company Cascade Investment LLC, funded solely by Gates. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. Cascade has holdings in property and non-technology companies. I am writing on behalf of Michael Larson, who is the manager of Cascade Investment, L.L.C. Europe, Menlo Park, China), Where the person is located (e.g. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. I wish everyone understood that.- Bloomberg, Also read: Microsoft names Satya Nadella chairman, rewards him for turning around tech giant, Subscribe to our channels on YouTube & Telegram. Larson is the center of numerous claims, ranging from sexism to racism. Same platform but with new and improved features. [10] In 2022, the company sold $940 million worth of stocks, whittling Gates' stake down to 1.4 percent.[9]. Larson was only 16 when he graduated high school and could not attend the Coast Guard Academy until he was 18. ", 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. Previously, Mr. Larson was at Harris Investment Management, Putnam Management Company and ARCO. Michael Larson Partner at Cascade Investment Location: Duluth, Minnesota Area Biography Chief Investment Officer to William H. Gates III. ALL RIGHTS RESERVED. A Cascade representative has said the matters were examined and didnt warrant his dismissal. 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. Biography Chief investment officer to William H. Gates III. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates ' personal fortune through Cascade Investment. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. Bill Gates' money manager Michael Larson was accused of making racist, sexist remarks to employees, The New York Times reported. Read More Contact. His Investments Say Otherwise. . He started digital-image company Corbis Corp. in 1989. According to the Wall Street Journal, Michael Larson has all sorts of tricks for keeping Cascades and Bill Gates name from appearing on other investments. A New York Times report on Sunday said Larson had been accused of sexual harassment in 2017. 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 a March Ask me anything event on Reddit, a user asked about his purchases of farmland. Apr 30, 2023 - Rent from people in le-de-France, France from $20/night. We want to make sure you get the most out of our platform. Based in Kirkland, Wash., and run by Michael Larson, a former. Although an actual statement isn't released, it's believed that Larson manages well over $80 billion year to date.[when? He is the Chief Investment Officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. Two decades ago, Larson put it more bluntly. 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. 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. What about the other 30%, or $1.5 billion? In 1996, he later hired Alan Heuberger, a fellow graduate of Claremont McKenna College. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gatess personal wealth. Additionally, Michael Larson has been known to create limited liability corporations especially for real estate purchases, keeping Cascades name off the documents. Some current and former employees say he can be brusque and controlling, even deciding the seating chart for the investment firms annual holiday party. Please speak to a licensed financial professional before making any investment decisions. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. But Bert called all 13 and kept each of em on the phone for an hour.. The sprawling portfolio under his purview, estimated by Bloomberg News to be valued at about $170 billion, has over the years generated returns that beat the broader stock market by about a percentage point, according to financial filings and people familiar with the matter. and is the Chief Investment Officer for William H. Gates III. Larson originally managed $11.5 billion of the Gates fortune and foundation but that has swelled tremendously over the years as Gates sells his Microsoft stock. Larson, often clad in a pink shirt, shies from the limelight and rarely attends conferences for family office professionals. Access your favorite topics in a personalized feed while you're on the go. ("Cascade"), of which I am the General Counsel. 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. Michael Larson is an American money manager. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is. A significant stake in the Four Seasons luxury-hotel chain. Larson denied "some but not all" of the allegations of misconduct detailed in The Times report. Larson, 61, has admitted that he sometimes used harsh language, as alleged in the Times reporting, but denied that he mistreated staff. Since 1995, Larson has delivered a compound annual return of around 11 per cent. India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. Married with three children, Michael Larson prefers Levis jeans and dark pink shirts. Most of the time, even Bill Gates doesnt know what investments Cascade owns. Michael Larson Elected to Serve on Board of Directors for Republic Gen Re was in the S&P 500. The Gateses' Public Split Spotlights a Secretive Fortune - New York Times Previously, Michael was a Manager, Investment at BMGi. 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. 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. This helps family offices professionalise earlier than they would have before. 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. since 1994. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. 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. Theres hardly a worry about fundraising, client withdrawals or onerous regulations. Larson is the chief investment officer for the Bill & Melinda Gates Foundation. [1] A spokesman declined to comment to The Times. Michael Larson runs a tight ship with his employees as well. Bill Gates' Money Manager Michael Larson Fostered a Toxic Work After a few years, Larson moved to Boston to work for Putnam Investments managing bond funds. This page is not available in other languages. The most common Cascade Investment email format is [first]. Gates hired him almost 30 years ago, when the Microsoft cofounder's net worth was closer to $5 billion. Because I think some stocks have behavior patterns that run counter to Microsoft, says Larson. Larson was a student of Professor Jerry St. Dennis while at Claremont McKenna College. FIND MICHAEL LARSON Created on May 09, 2013 by Spoke Edited on May 09, 2013 by Spoke PAGE COMPLETION. 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. My most important job is asset allocation, he says. The No. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person. One remarkable feature of the portfolio is how little it changes. powered by Digital Info. 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