Gates Money Management Firm Changes Name After Couple’s Divorce
(Bloomberg) -- The money manager for the Bill and Melinda Gates Foundation, as well as the ex-couple’s personal fortune, is changing its name to Cascade Asset Management Co., according to a company spokesperson.
The change comes about a month and a half after the pair announced their divorce. The firm’s former name, Bill and Melinda Gates Investments, was tweaked in 2014 to add Melinda’s name to the title.
“The new name is intended to allow for the evolving needs of the Gates family and their philanthropic work,” the spokesperson said Monday in a statement. “The name change will not impact the group’s investment strategy or the organizational structure that allows the Foundation to separate its program work from its investments.”
Cascade Asset Management is the umbrella organization that oversees the investment of the $51 billion foundation trust, as well as Cascade Investments, the entity that manages their personal wealth.
Following the divorce announcement, Cascade transfered shares worth more than $3 billion to French Gates. Bill Gates is worth $142.3 billion, according to the Bloomberg Billionaires Index, about $118 billion of which is overseen by Cascade.
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