Where are all the female economists? Will poor grammar always be a bar to top jobs? Give us your feedback Thank bill gates investment firm for your feedback. Michael Larson is one of the most powerful men in US wealth management you have never heard of.
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. Cascade is not a family office in the traditional sense and does not like to call itself one. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gates’s personal wealth. Melinda Gates Foundation Trust and other entities, but again it does not label itself as a family office. The way BMGI is structured allows the foundation to separate its programme work from its investments, say people close to the organisation. This has meant that more money has been created to go into the foundation’s mission to fight disease and improve education in the developing world.
Based in Kirkland, Washington, Cascade shies away from media attention. It declined to comment on its investment strategies but it is known to invest globally and across many asset classes. Cascade has holdings in property and non-technology companies. It holds around a 4 per cent stake in Warren Buffett’s Berkshire Hathaway investment group, owns 47 per cent of the Four Seasons hotel company and about 6 per cent of Bunzl, the distribution and outsourcing group. In August, it increased its stake in Strategic Hotels and Resorts to 9. Under Larson, Cascade has focused some of its attention on UK-listed stocks.
In 2008, it bought a 3 per cent share of Carpetright, the flooring retailer, but has since reduced its stake. Cascade does not publicly disclose its performance results but it has been reported that because of Larson’s relatively conservative strategy, Cascade’s losses in the 2008 financial crisis were smaller than the industry average for the full year. Since 1995, Larson has delivered a compound annual return of around 11 per cent. What they signal is that family wealth investment management is big business. When it comes to managing that money, they want to apply the best possible investment advice.
40-person professional investment organisation that also deals with personal affairs. While family offices take different forms, the challenges they face are very similar and, as a result, the ultimate solutions they adopt as they evolve tend to be similar, although addressed with varying levels of focus, staffing and professionalism. He adds that family offices are changing and evolving in a number of fundamental ways. First, an industry has developed around supporting family offices. This allows them to outsource functions previously done in-house. Second, there are more family offices as a result of the increase in wealth globally and greater information is available about best practice and resources.
Third, Woodson adds, the generational shift in control of family wealth has changed what family offices focus on and how they are structured. Copyright The Financial Times Limited 2018. Markets data delayed by at least 15 minutes. Financial Times’ are trademarks of The Financial Times Ltd. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice. Already a print edition subscriber, but don’t have a login? A link has been sent to your friend’s email address.
A link has been posted to your Facebook feed. A new study shows 8 famous billionaires have a net worth that equals the poorest half of the world. Researchers are calling on world leaders to change that. Bill and Melinda Gates on June 26, 2006 at a news conference where Buffett spoke about his financial gift to the Bill and Melinda Gates Foundation in New York City. Welcome the newest class of billionaires who have pledged to give the majority of their wealth to philanthropic causes.