Sources told The Times that the woman reached a settlement in 2018, signing a nondisclosure agreement in exchange for a payment. Noits Bill Gates, and could he [headhunter named Bert Early] please have the names of 13 references. Bill Gates's divorce pulls his Water Street Tampa investment into spotlight Larson was a student of Professor Jerry St. Dennis while at Claremont McKenna College. 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. Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. Larson farms out some 15% of the overall portfolio to bond managers at Morgan Grenfell, PIMCO, Miller Anderson & Sherrerd, and Western Asset Management. Michael Larson (born October 1959) is an American money manager. From there Larson went to work for Arco doing mergers and acquisitions. Bill Gates' money manager, Michael Larson, has come under scrutiny as recent details have surfaced alleging inappropriate workplace behavior. personalising content and ads, providing social media features and to Mr. Larson has invested the Microsoft co-founder's money in farmland, hotels, stocks, bonds, even a bowling alley. Cascade Investment, Bill Gates' wealth manager | Financial Times Larson was hired by the Microsoft Corp. billionaire in the mid-1990s to oversee that wealth. Formerly a director of AutoNation, Inc. Ecolab USA 2011-2023 VALUEWALK LLC. I thought it was the old FBI trick, chuckles Larson, you know, ask for 13 and randomly pick three. He is the chief investment officer for the Bill & Melinda Gates Foundation and Gates' personal investment portfolio. Europe, Menlo Park, China), Where the person is located (e.g. He is responsible for Mr. Gates non-Microsoft investments as well as the investment assets of the Bill & Melinda Gates Foundation Trust. In a Fortune story from two decades ago, Larson explained that much of his strategy boiled down to countering the swings of Microsoft stock. 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. 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. He was raised in Albuquerque, New Mexico and spent his summers in North Dakota. The Times reported that the handling of the situation had put Bill and Melinda Gates at odds. 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. It has also invested in Diageo, the distiller, and JJB Sports, the retailer. [7], With 269,000 acres of farmland (which has been historically countercyclical to the stock market) being held through a wide network of shell companies, Cascade Investment is the largest farmland owner in the United States. 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. NOW WATCH: Bill Gates has a net worth of over $96 billion here's how he makes and spends his money, Larson's alleged inappropriate workplace behavior. 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. 1 Ecolab Place Email. 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. Secretive Money Manager Michael Larson Helped Microsoft Co-Founder's Fortune Balloon to $82 Billion By Anupreeta Das and Craig Karmin Updated Sept. 19, 2014 4:37 pm ET Text Invitations to a. 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. 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. Representatives for Larson and Cascade Investments did not immediately respond to Insider's request for comment. 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. The manager had broad leeway from Gates on investment decisions, they both have said. [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. Whether you live in India or overseas, you can take a paid subscription by clicking here. 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. 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. 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. As for the other 25% of this foundations assets, Larson has made investments running the whole gamut of the bond market. 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). You can sign up for additional alert options at any time. Following the divorce of Bill Gates and Melinda French Gates, their money manager has come under some serious scrutiny. Michael Larson has served as Bill Gates' money manager for decades. Aside from detracting attention from the Gateses, Larsons main mandate has been to invest conservatively try to maximize returns but dont lose money, one of the people said. Although an actual statement isn't released, it's believed that Larson manages well over $80 billion year to date.[when? Well send you a myFT Daily Digest email rounding up the latest US news every morning. He also has served on several other public company boards providing him relevant corporate governance experience. [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. His response: My investment group chose to do this.. The head hunter had heard of Larson from a few investors in Tacoma, Washington. When he graduated from high school, he wanted to join the Coast Guard but couldnt because he was only 16. Language links are at the top of the page across from the title. The high-profile couple announced earlier this month that they would separate after 27 years of marriage. What they signal is that family wealth investment management is big business. Read our Cookies Policy to learn more. 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. And second, we just had an inflow of a couple of billion dollars.. Michael Larson, Partner, Cascade Investment ValueWalk also contains archives of famous investors, and features many investor resource pages. [2] It is controlled by Bill Gates, and managed by Michael Larson. Thank you for your continued support. We encourage you to review our Privacy Policy. He is the Chief Investment Officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. 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. Agricultural, construction, forestry, outdoor power and turf maintenance equipment. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. 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. Married with three children, Michael Larson prefers Levis jeans and dark pink shirts. The firm also has been involved in currency and commodities trading, venture capital and the development of a property complex in downtown Tampa. Since we are obviously heavily weighted with Microsoft, we will sell stock periodically in order to get more diversity. Michael Larson runs a tight ship with his employees as well. Who is Bill Gates' money manager Michael Larson? | The Sun Mr. Larson has been Chief Investment Officer for Mr. Gates and the Business Manager of Cascade Investment L.L.C., since 1994. We use Michael Larson is one of the most powerful men in US wealth management you have never heard of. Previously, Mr. Larson was at Harris Investment Management, Putnam Management Company and ARCO. 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. Their combined wealth stands at more than $140 billion, according to the Bloomberg Billionaires Index. Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. He assumed the role in 1994. Same platform but with new and improved features. EDIT CAREER. Despite Michael Larsons experience, in the past Gates has made his own investment decisions in biotech. 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. Cascade is not a family office in the traditional sense and does not like to call itself one. Bill Gates Money Manager Michael Larson Accused of Misconduct in 2017: NYT He started digital-image company Corbis Corp. in 1989. Sign up for notifications from Insider! First, it reflects my view of the markets. So he came out, and the two men hit it off. 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. Michael Larson also manages the funds for the Bill Gates Foundation. This Man's Job: Make Bill Gates Richer - WSJ 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. Meet Michael Larson, the man who has managed Bill Gates - Yahoo French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. Michael Larson also manages the funds for the Bill Gates Foundation. The New York Times reported that the handling of the situation had put Bill and Melinda Gates at odds. Thanks in part to Mr. Larson and the soaring value of Microsoft's shares, Mr.. Source: getty. Business data for Cascade Investment, LLC: This page was last edited on 7 January 2023, at 14:28. Cascade has around 100 employees, who, when traveling on business, must stay at a low-cost hotel, not the Four Seasons, despite the fact that Cascade owns a large chunk of the hotel chain. Insider could not reach Larson. He also called employees "stupid" and would call their work "garbage," sources told The Times. Apparently Larson didnt have as much as an unpaid parking ticket in his file (has he considered running for office? Public Records. ' . We look forward to providing you with even more cutting-edge market research, as Topio Networks. Michael Larson is an American money manager who is the chief investment officer for the The Gates Foundation. Bets on the bond market have been reduced recently in favor of private equity and other types of adventurous, so-called alternative assets. Michael Larson (businessman) - Wikipedia Who is Michael Larson? Bill Gates' money manager accused of racist Ecolabs innovative solutions improve operational efficiencies and sustainability for customers in the food, healthcare, life sciences, hospitality and industrial markets. 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. At Ecolab Inc., we promise to treat your data with respect and will not share your information with any third party. Additionally, Michael Larson has been known to create limited liability corporations especially for real estate purchases, keeping Cascades name off the documents. In 2008, it bought a 3 per cent share of Carpetright, the flooring retailer, but has since reduced its stake. Larson called the investment shop Cascade Investment because the generic name would allow him to operate in the market without drawing attention. 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. Basically we are short on the yield curve right now, Larson says, again reflecting his wary view of the markets. [10] In 2022, the company sold $940 million worth of stocks, whittling Gates' stake down to 1.4 percent.[9]. Biography Chief investment officer to William H. Gates III. What about the other 30%, or $1.5 billion? Cascade Investment Email Format. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Hes bright and very inquiring, and has a strong performance record.. 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. Who is Michael Larson? 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. 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.