Other directorships held during the past five years Director of AutoNation, Inc., Republic Services, Inc., Grupo Televisa, S.A.B. 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. 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. What they signal is that family wealth investment management is big business. A Cascade representative has said the matters were examined and didnt warrant his dismissal. Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. Manager, Investment at Cascade Funding . 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. The couples divorce announcement last month cracked the curated image. 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. Michael Larson Partner at Cascade Investment Location: Duluth, Minnesota Area Biography Chief Investment Officer to William H. Gates III. Larson has and continues to operate under the radar with the exception of a rare interview with Fortune in 1999. 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. He was also accepted at the University of Washington and Claremont McKenna College. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. 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. Michael Larson, the son of an industrial engineer, grew up in North Dakota and then in Albuquerque. 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. Larson runs Gates' secretive investment company, Cascade Investment, and manages Gates'. Who is Michael Larson? 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). "Years ago, earlier in my career, I used harsh language that I would not use today," Larson said in a statement to The Times. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. You can help Wikipedia by expanding it. When it comes to managing that money, they want to apply the best possible investment advice. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index. 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. Michael Larson works at Cascade Asset Management, which is a Custom Software & IT Services company with an estimated 90 employees. Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. Bill Gates's divorce pulls his Water Street Tampa investment into spotlight First, it reflects my view of the markets. Some current and former employees say he can be brusque and controlling, even deciding the seating chart for the investment firms annual holiday party. Michael Larson's Phone Number and Email Last Update. But it often instead involves simply keeping wealth steady. Michael Larson (businessman) - Wikipedia A spokesman declined to comment to The Times. 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. personalising content and ads, providing social media features and to Ecolab Inc. - Corporate Governance - Board of Directors - Person Details 30 Apr 2023 20:37:03 [10] In 2022, the company sold $940 million worth of stocks, whittling Gates' stake down to 1.4 percent.[9]. [1], He graduated from high school in two years and was recruited to West Point, the Coast Guard Academy, and the Merchant Marine Academy. ", 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. 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. At the center of both the Gates fortune and the Gates Foundation endowment is a little-known entity called Cascade Investment. Michael Larson also manages the funds for the Bill Gates Foundation. He favors cable stocks such as TCI and Liberty Media, as well as Cox Communications and Barry Dillers USA Networks. 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. He then earned an MBA from the University of Chicago at the age of 21. He is the chief investment officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. Larson reportedly told a Black employee she lived 'in the ghetto. A Culture of Fear at the Firm That Manages Bill Gates's Fortune Larson is the chief investment officer for the Bill & Melinda Gates Foundation. Additionally, Michael Larson has been known to create limited liability corporations especially for real estate purchases, keeping Cascades name off the documents. Found email list ings include: @cascademgt.com. 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. 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. 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. The newspaper. People may receive compensation for some links to products and services on this website. In a March Ask me anything event on Reddit, a user asked about his purchases of farmland. He is the chief investment officer for the Bill & Melinda Gates Foundation, and Bill Gates' personal fortune through Cascade Investment. Cascade held investments in oil and gas companies until 2019, Gates said in his recent book about climate change. However, not much is known about the money managers secretive style, or even the investments that Cascade Investment LLC holds. Michael Larson (born October 1959) is an American money manager. Michael Larson (born October 1959) is an American money manager. [6] Larson accrued over the twenty years from 1995 an 11% compound annual return,[6] and as of 2014 had 100 employees working under his direction. 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. 3/13/2023 2:22 PM. The Times reported that a lawyer sent the Gateses a letter alleging that Larson had been sexually harassing a woman who managed a bike shop. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. It has also invested in Diageo, the distiller, and JJB Sports, the retailer. FIND MICHAEL LARSON Created on May 09, 2013 by Spoke Edited on May 09, 2013 by Spoke PAGE COMPLETION. Thats where the real money is made.. 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. Unflattering details spilled out, including a report that Larson allegedly harassed & bullied some employees. Intelligent Assistance and Bots Ecosystem. [3] More than half of Gates's fortune is held in assets outside his holding of Microsoft shares. Copyright 2023 Market Realist. 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. [9] This constituted one of the investment firm's largest holdings. She was unaware of most of the allegations involving Larson given her lack of ownership of and control over BMGI, her spokeswoman, Courtney Wade, said in a statement. 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. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. powered by Digital Info. Bill Gates Money Manager Michael Larson Accused of Misconduct in 2017: NYT Cascade's most recent Form 13F filed with the SEC showed assets of $2.1 billion. Based in Kirkland, Washington, Cascade shies away from media attention. A significant stake in the Four Seasons luxury-hotel chain. The Times report also described sources as saying Gates had pursued female employees and been dismissive of French Gates in work meetings at Microsoft. [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. It so happens that one of Larsons interests is media stocks. New Summer Internships jobs added daily. You must click the activation link in order to complete your subscription. In 1996, he later hired Alan Heuberger, a fellow graduate of Claremont McKenna College. The Wall Street Journal profiled Larson in 2014, summarizing his job as to "make Bill Gates richer.". Right now his portfolio actually looks somewhat like a big old bond fund. In fact, a recent snapshot of Gates personal portfolio looks like this: Larson has 70%, or $3.5 billion, invested in short-term governments and corporates, with a small weighting in foreign bonds.
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