Larson has served on the Board of Trustees at Claremont McKenna College, Lakeside School and the United Negro College Fund. Larson denied "some but not all" of the allegations of misconduct detailed in The Times report. He attended Claremont College, finishing in three years with a degree in economics, and then went directly to the University of Chicago, where he picked up an MBA at the age of 21. 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. Sign up for notifications from Insider! You can help Wikipedia by expanding it. 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 . Agricultural, construction, forestry, outdoor power and turf maintenance equipment. Jobs Number of Current Jobs 1 Michael Larson is the Chief Investment Officer at Cascade Investment. 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. Who is Michael Larson? [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. 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. Thank you for accessing our content on the Topio Networks Market Intelligence Center. At the center of both the Gates fortune and the Gates Foundation endowment is a little-known entity called Cascade Investment. When people find out that Cascade has made an investment in something, thats not Bill Gates, he said in the Fortune interview. Cascade doesnt disclose its overall investment performance, but financial reports from the foundation offer clues. 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. Many of them are business-owning families or those so-called financial families, who have sold operating businesses. 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. Jamie Walters, CAIA on Twitter: "Michael Larson (born October 1959) is Background Report. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. de C.V. 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. Biography Chief Investment Officer to William H. Gates III. Michael Larson leads the Investment office and manages assets for Bill Gates and the Bill and Melinda Gates Foundation Trust Board of Directors Republic Services Jan 2009 - Present14 years 4. I thought it was the old FBI trick, chuckles Larson, you know, ask for 13 and randomly pick three. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. By using Ecolab.com, you consent to our use of cookies. First, it reflects my view of the markets. 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. Cascades assets have periodically been boosted by proceeds from the sales of Gatess Microsoft stock. Amid controversy, Bill Gates' money manager Michael Larson could be safeguarding a hefty net worth. Bets on the bond market have been reduced recently in favor of private equity and other types of adventurous, so-called alternative assets. 10%. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is. Formerly a director of Pan American Silver Corp. Bill Gates's money manager created 'culture of fear' for staff, says Unflattering details spilled out, including a report that Larson had allegedly harassed and bullied some employees. 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. Michael Larson is an American money manager. A Cascade representative has said the matters were examined and didnt warrant his dismissal. Larson denied making the remark in a statement to The Times, as well as "some but not all" of the other allegations of misconduct. Michael Larson also manages the funds for the Bill Gates Foundation. Gates already knew about the conviction, but began looking for someone new after the uproar. No credit card required. and Fomento Mexicano Economico, S.A.B. He is responsible for Mr. Gates' non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. since 1994. Thanks in part to Mr. Larson and the soaring value of Microsoft's shares, Mr.. The high-profile couple announced earlier this month that they would separate after 27 years of marriage. Regardless, it's a sizable fortune to manage for one of the world's wealthiest people. The head hunter had heard of Larson from a few investors in Tacoma, Washington. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. [3] Cascade is a diversified investment shop, although there is an emphasis on real estate private equity managed by the subsidiary, Los Arboles Management. He assumed the role in 1994. 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. Bill Gates's Longtime Money Manager Accused of Workplace - Observer 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. Cascade is not a family office in the traditional sense and does not like to call itself one. 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. 2011-2023 VALUEWALK LLC. 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. A significant stake in the Four Seasons luxury-hotel chain. Since 1995, Larson has delivered a compound annual return of around 11 per cent. Mr. Larson has been chief investment officer for Mr. Gates and the Business Manager of Cascade Investment, L.L.C. 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. Access your favorite topics in a personalized feed while you're on the go. 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. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index.
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