[vienna]

I actually found the article I cited above. The financial manager's name is Michael Larson. However, my memory was a bit faulty: the amount needed to be disbursed was USD $325,000,000 not USD $350,000,000; I plead old age...


http://archive.fortune.com/magazines...6491/index.htm

His name is Michael Larson. And BGI stands for Bill Gates Investments. Larson is Bill Gates' private money manager. He runs the entirety of Gates' fortune not invested in Microsoft stock. That sum, which sits in Gates' personal account and in two huge foundations, now amounts to $11.5 billion, and counting. Though this is a fraction of Gates' wealth--his 18.5% stake in Microsoft is worth some $76 billion today--it is still by any measure a huge chunk of money. About $5 billion of the $11.5 billion that Larson manages is in Gates' personal investment portfolio: that is roughly the same size as the Fidelity Value fund, a big mutual fund with 412,000 shareholder accounts.

As for Gates' foundations, well, the combined $6.5 billion he has sent their way in recent years has swiftly elevated them to the ranks of the very largest foundations in the world. His William H. Gates Foundation, with an endowment of $5.2 billion, is right up there with those founded by Ford, Kellogg, and Mellon. But while it took those pre-info age giants decades and decades to create the kind of wealth necessary to fund a great foundation, Gates has amassed his fortune in less than 13 years. His foundations, practically nonexistent at the beginning of Bill Clinton's second term, suddenly are sitting on endowments so large that they will have to give away some $325 million a year just to comply with tax laws on charitable giving. That figure is more than the median net income of the companies in the FORTUNE 500 last year.

The most amazing thing about Larson's job, though, is that it's really just beginning to gear up. As you've probably heard, Gates says he plans to give away nearly all of his wealth in his lifetime. It's an outrageously large fortune, the largest the world has ever known in current terms, and disposing of it presents huge challenges. "Giving away $1 billion is tricky," says one wealthy philanthropist. "Ted Turner is giving that much to the U.N., and you can always give to a major university, but they would just put up new buildings. There just aren't that many organizations that can really do the right job with that kind of money." Says Gates: "Effective philanthropy requires a lot of time and creativity--the same kind of focus and skills that building a business requires."

To give his money away, of course, Gates will have to dispose of huge chunks of Microsoft stock. In fact, Gates has already begun his big push. As first reported by Fortune.com in early February, Gates recently gave some $3.3 billion to his two charitable organizations, the William H. Gates Foundation and the Gates Learning Foundation. And now FORTUNE has learned that Gates has given another $1 billion to the William H. Gates Foundation.

Here's a nutshell assessment of Gates and Larson from 2014:


http://www.business-standard.com/art...2300401_1.html









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