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Meet Michael Larson, the man who has managed Bill Gates - Yahoo This change is not only happening among high-end investment firms; lawyers and accountants too are coining new phrases. [email protected]), which is being used by 100.0% of Cascade Investment work email addresses. 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. Background Report. If you do not wish to receive our cookies, adjust your browser settings. Being the investment chief for one of the worlds biggest family fortunes might seem like an enviable job for an investor mulling creative bets. 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. Bill Gates' money manager Michael Larson was accused of making racist, sexist remarks to employees, The New York Times reported. [1], Larson was born in Sacramento, California in October 1959. Some of Michael Larsons investments over the years: ValueWalk.com is a highly regarded, non-partisan site the website provides unique coverage on hedge funds, large asset managers, and value investing. Michael Larson (born October 1959) is an American money manager. Larson denied making the remark in a statement to The Times, as well as "some but not all" of the other allegations of misconduct. 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. The two foundations merged to form the Bill & Melinda Gates Foundation during 2000. Vice Chair of the Finance Committee and member of the Safety, Health and Environment Committee. Bill Gates' money manager Michael Larson is accused of making racist and sexist comments. 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. It so happens that one of Larsons interests is media stocks. 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Bill Gates Money Manager Michael Larson Accused of Misconduct in 2017: NYT Email. Source: getty. Gates money manager had to be smart, trustworthy and as clean as a whistle. 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 showed nude photographs of women to members of Cascade Investments staff (there are about 100 people working for him who have been asked to sign non-disclosure agreements as a term of their employment). Intelligent Assistance and Bots Ecosystem. $10 billion is farmed out to around 25 other money managers, helping to hide the trail and generate other ideas. 1 Ecolab Place 5 free lookups per month. Cascade Investment Chief Investment Officer 1994 Board and Advisor Roles To access all the content for free, please sign up by entering your email. He is the chief investment officer for The Gates Foundation and Bill Gates' fortune, through the Cascade Investment fund. French Gates hired a law firm to investigate the woman's claims and the culture at Cascade, and Larson was placed on leave. 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. A Cascade representative has said the matters were examined and didnt warrant his dismissal. Email. I think he had just fired some people, and I thought he would be difficult to work for. Business data for Cascade Investment, LLC: This page was last edited on 7 January 2023, at 14:28. Larson reportedly told a Black employee she lived 'in the ghetto. In an extensive investigation the newspaper said that Michael Larson, who runs Cascade Investments, had created a "culture of fear" where the employee abuses had occurred. The moniker closely resembles Cascade Investment, which historically has been the part of BMGI that manages the Gateses personal wealth. Read More 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. Despite Michael Larsons experience, in the past Gates has made his own investment decisions in biotech. In 1994, Larson and his wife moved to Seattle. One remarkable feature of the portfolio is how little it changes. Of course, a hefty sum has been spent on the divorce and a large portion of wealth gets sent to the philanthropic Bill & Melinda Gates Foundation. Gates $5 billion personal portfolio is another matter. Thats where the real money is made.. Sign up for notifications from Insider! Gates hired him almost 30 years ago, when the Microsoft cofounder's net worth was closer to $5 billion. Cascade Investment paid settlements to at least seven people who . The two, now divorced, are worth a combined $124 billion. 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. Michael Larson has for decades managed Bill Gates' fortune, which is worth nearly $130 billion. Mr. Larson has been Chief Investment Officer for Mr. Gates and the Business Manager of Cascade Investment L.L.C., since 1994. de C.V. 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 is one of the most powerful men in US wealth management you have never heard of. Who is Michael Larson? Hes a long-term, buy-and-hold investor. The newspaper. 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. He holds some inflation-protected Treasury bonds called TIPs, and plain-vanilla corporate bonds like Ford, Du Pont, and Time Warner (parent of Time Inc., FORTUNEs publisher). since 1994. Learn more about Michael Larson, Investment Advisor, Cascade Investment Group including contact information, career history, news and intelligence. 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. 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. ", 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. Despite the divorce, the Bill & Melinda Gates Foundation is staying intact. He was accused by multiple former employees of creating "a culture of fear" at the Gates family office,. Bill and Melinda Gates announced on May 3 that they are splitting after 27 years of marriage. Under Larson, Cascade has focused some of its attention on UK-listed stocks. Cascade Investment, Bill Gates' wealth manager | Financial Times By clicking Sign Up, you also agree to marketing emails from both Insider and Morning Brew; and you accept Insiders. His response: My investment group chose to do this.. 3/13/2023 2:22 PM. The head hunter had heard of Larson from a few investors in Tacoma, Washington. 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. He also has served on several other public company boards providing him relevant corporate governance experience. From Fortune: He told me I would be working for a wealthy guy in the Pacific Northwest,I actually thought it was Craig McCaw.. A trusted partner for millions of customers, Ecolab (NYSE:ECL) is a global sustainability leader offering water, hygiene and infection prevention solutions and services that protect people and the resources vital to life. He grew up in North Dakota and Albuquerque, New Mexico, and received an MBA from the University of Chicago, Fortune reported in 1999. Cascade is not a family office in the traditional sense and does not like to call itself one. When he graduated from high school, he wanted to join the Coast Guard but couldnt because he was only 16. He studied at Claremont McKenna College for three years, achieving a degree in economics. A Culture of Fear at the Firm That Manages Bill Gates's Fortune