Biography Chief Investment Officer to William H. Gates III. He started working for Gates in 1994, just one year after Gates let go a man named Andrew L. Evans. Bill Gates's money manager 'is a bully who shared nude - The Sun 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. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. Cascade doesnt disclose its overall investment performance, but financial reports from the foundation offer clues. We encourage you to review our Privacy Policy. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds. Michael Larson Email & Phone Number - Cascade A.. | ZoomInfo Cascade Investment - Wikipedia Also read: Bill-Melinda divorce forces $50 billion Gates Foundation to weigh changes. A spokesman declined to comment to The Times. Michael Larson is the Business Manager of Cascade Investment, L.L.C. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. 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? 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. Hes bright and very inquiring, and has a strong performance record.. Michael Larson is an American money manager. Background Report. Bill Gates's divorce pulls his Water Street Tampa investment into spotlight 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. Cascade is not a family office in the traditional sense and does not like to call itself one. FIND MICHAEL LARSON Created on May 09, 2013 by Spoke Edited on May 09, 2013 by Spoke PAGE COMPLETION. He was raised in Albuquerque, New Mexico and spent his summers in North Dakota. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. Actually, when I heard it was Bill, I wasnt sure I wanted the job, says Larson. He then earned an MBA from the University of Chicago at the age of 21. 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. He also owns some emerging-market debt and high-yield issues. He was trying to buy a money-management firm in Chicago when the call from Bill Gates headhunter came. Michael Larson is in charge of Cascade Investment and was reportedly accused of sexual harassment in 2017. Same platform but with new and improved features. 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. Theres hardly a worry about fundraising, client withdrawals or onerous regulations. [8], Cascade has managed Gates' stake in Canadian National Railway since 2013. It's unclear what percentage Larson gets out of managing a fortune worth more than $100 billion. He studied at Claremont McKenna College for three years, achieving a degree in economics. You can help Wikipedia by expanding it. 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. Mr. A spokesperson for Cascade said there have been less than five complaints against Larson out of 380 people he's managed. So after the deal, index managers had to sell Berkshire, depressing the price.. Then he shifted gears and joined Putnam Investments in Boston, managing bond funds. ][citation needed] This number includes the Bill & Melinda Gates Foundation and Gates's personal wealth. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index. Michael Larson doesnt restrict himself to stocks; he looks at bonds, currencies, commodities, land, and direct investments in companies. When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. He adds that family offices are changing and evolving in a number of fundamental ways. 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. Cascade's sole. He means real assets, like commodities (hes been in and out of crude oil futures) and real estate, such as investments in the Reserve, a real estate and golf course development near Palm Springs, and in the Cliveden hotels in England. We look forward to providing you with even more cutting-edge market research, as Topio Networks. You can sign up for additional alert options at any time. Cascade Investment, L.L.C. 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. de C.V. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. Gates money manager had to be smart, trustworthy and as clean as a whistle. 5 free lookups per month. Learn more about Michael Larson, Investment Advisor, Cascade Investment Group including contact information, career history, news and intelligence. What Is Michael Larson's Net Worth? He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. 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. Read More is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. And Warren Buffett, the founder of Berkshire Hathaway Inc., has periodically given shares in the conglomerate worth billions of dollars to the foundation. (which is wholly owned by Mr. Gates) and the Bill & Melinda Gates Foundation Trust own in the aggregate approximately 15% of Republic Services, Inc.'s common stock. [1] And second, we just had an inflow of a couple of billion dollars.. As an asset investor solely dedicated to the Gates operation, Larson's own net worth is under fire, too. The Times report also described sources as saying Gates had pursued female employees and been dismissive of French Gates in work meetings at Microsoft. Sign up for notifications from Insider! Read More . He also has served on several other public company boards providing him relevant corporate governance experience. [1], He graduated from high school in two years and was recruited to West Point, the Coast Guard Academy, and the Merchant Marine Academy. All Rights Reserved. Even a small fraction of a percentage would be enough to make Larson a rich man. ), because Early gave him the thumbs-up. That figure also includes funds run by outsiders. 30 Apr 2023 20:37:03 Larson also holds Berkshire Hathawayhe owned 300 shares last year and recently bought a bunch morewhich he thinks became particularly attractive after its Gen Re acquisition. Copyright 2023 Market Realist. Today Cascade holds about $57 billion in public equities, ranging from farm-equipment maker Deere & Co. to track operator Canadian National Railway Co. to waste management firm Republic Services Inc. companies rooted in the physical world of making, moving and selling goods, and cleaning things up. Since we are obviously heavily weighted with Microsoft, we will sell stock periodically in order to get more diversity. 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. It so happens that one of Larsons interests is media stocks. The way BMGI is structured allows the foundation to separate its programme work from its investments, say people close to the organisation. Additionally, claims have come forth of sexist and racist comments that Larson made. People may receive compensation for some links to products and services on this website. The other reason we do equities is because we have some expertise in certain areas, and we make money at it.. As for the other 25% of this foundations assets, Larson has made investments running the whole gamut of the bond market. New Summer Internships jobs added daily. French Gates rarely attended meetings in Cascades early days aside from the annual in-person gathering, and when she did she tended to be a passive participant, according to one of the people familiar with the firm. In addition, Mr. Larson serves as director to a number of closed end funds and mutual funds within the Western Asset Management fund complex. Stay up to date with what you want to know. The New York Times also reported that Michael Larson, Cascade's top executive and the person in charge of Gates' fortune, faced a sexual harassment complaint of his own in 2017. 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.. 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. Please speak to a licensed financial professional before making any investment decisions. 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. French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. Bill Gates' money manager Michael Larson was accused of making racist, sexist remarks to employees, The New York Times reported. $10 billion is farmed out to around 25 other money managers, helping to hide the trail and generate other ideas. Witnesses of Misconduct by Bill Gates' Money Manager Paid Off: NYT He really doesnt need much, if any, equity exposure at all, says Larson. ValueWalk also contains archives of famous investors, and features many investor resource pages. Biography Chief investment officer to William H. Gates III. Meet Michael Larson, the man who has managed Bill Gates - Yahoo Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. They talked about AlbuquerqueMicrosofts hometown in the early daysabout risk management, and about investing, of course. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gatess personal wealth. 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. ALL RIGHTS RESERVED. 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 .

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