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Many of them are business-owning families or those so-called “financial families”, who have sold operating businesses. 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. What they signal is that family wealth investment management is big business. “Family business consulting”, “private company services” and even “strategic philanthropy advice” have joined the lexicon of wealth management for the extremely rich, she says.
This change is not only happening among high-end investment firms lawyers and accountants too are coining new phrases.
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.” Catherine Tillotson, managing partner of Scorpio Partnership, the consultancy, says: “A tour around London’s elite wealth management boutiques reveals the growing popularity of the term ‘private investment office’. Like Cascade, many single family investment firms are moving away from the term “family office”. Since 1995, Larson has delivered a compound annual return of around 11 per cent.Ĭascade also has a stake in Deere, the maker of agricultural machinery © Bloomberg
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It has also invested in Diageo, the distiller, and JJB Sports, the retailer.Ĭascade 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. In 2008, it bought a 3 per cent share of Carpetright, the flooring retailer, but has since reduced its stake. Under Larson, Cascade has focused some of its attention on UK-listed stocks. In August, it increased its stake in Strategic Hotels and Resorts to 9.8 per cent. 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. Its five largest publicly disclosed equity holdings are: Canadian National Railway Republic Services, the waste removal company Ecolab, the disinfectant maker Femsa, the drinks group and Deere, the maker of agricultural machinery.Ĭascade has holdings in property and non-technology companies. It declined to comment on its investment strategies but it is known to invest globally and across many asset classes. 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.īased in Kirkland, Washington, Cascade shies away from media attention. The way BMGI is structured allows the foundation to separate its programme work from its investments, say people close to the organisation. BMGI is an organisation that manages the portfolios of Cascade, the Bill & Melinda Gates Foundation Trust and other entities, but again it does not label itself as a family office. It does not handle logistics, payroll or expenses for the foundation and is purely an asset management firm that invests Gates’s personal wealth.
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Since then Gates’s fortune has grown to around $80bn (of which he has given away around half) after Larson diversified the funds out of Microsoft, Gates’s software company, and into a broad range of investments.Ĭascade is not a family office in the traditional sense and does not like to call itself one. 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.īill Gates hired Larson 22 years ago to take over the investment of his personal wealth, which was about $5bn at the time. He is the chief investment officer for Bill and Melinda Gates Investments (BMGI), and as such is in charge of managing Bill’s personal wealth through Cascade Investment, as well as handling the Bill & Melinda Gates Foundation Trust endowment. Michael Larson is one of the most powerful men in US wealth management you have never heard of.