Scott Bessent (born 1962) is an American investor, philanthropist, and educator.[1][2][3][4] He is the founder of Key Square Group, a global macro investment firm.[1][5][6][7][8]
Early life and education[edit]
Bessent was born in Conway, South Carolina.[9][10] He attended Yale College, graduating in 1984.[9][11][12] While at Yale, Bessent wrote for The Yale Daily News, was President of Wolf's Head Society and Treasurer for the class of 1984.[13]
Investment career[edit]
Bessent was previously the Chief Investment Officer of Soros Fund Management, the $30 billion family office of billionaire George Soros.[9][14][15][16] From 2006 to 2011, Bessent was an Adjunct Professor of economic history at Yale, where he taught three courses.[9][10][17][2][12] The Daily Beast included his 2010 class in its listing of “Hottest College Courses.”[18]
Bessent first joined Soros Fund Management (SFM) in 1991 and was a partner there throughout the 1990s.[9][2] At the age of 29, he was asked to head SFM's London office.[9][14][19][20]
According to Sebastian Mallaby's history of hedge funds, More Money Than God, Bessent's analytics played a key role in helping George Soros and Stan Druckenmiller construct SFM's wager against the British pound, which netted the firm a profit of $1 billion.[10][21][5][22][23]
In addition to heading the London office, Bessent served as SFM's head of global research and co-head of external manager selection.2,3,5,16 He also directly managed $1.5 billion of the firm's capital.[9][24]
After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund, which he converted to a family office in 2005.[9][19] He was also a senior investment advisor at fund-of-funds Protégé Partners.[10][2]
Bessent was in the process of starting a new fund in the summer of 2011 when George Soros asked him to return to SFM as CIO.[14][6]
Bessent served as the Chief Investment Officer of Soros Fund Management from 2011 to 2015.[25] Under Bessent's leadership, the firm made a profit of $10 billion.[25][26]
In August 2015, it was announced that Bessent would be leaving Soros Fund Management to start his new firm, Key Square Group, with $2 billion of George Soros's money.[25][15][16]
Key Square Group[edit]
Bessent founded Key Square Group with Michael Germino, who had been the Global Head of Capital Markets at SFM.[26] A number of the pair's former colleagues from SFM followed them to Key Square.[26][7]
Key Square received a $2 billion anchor investment from George Soros.[25][15][16] By the end of its first quarter of operation, Key Square was managing $4.5 billion.[8]
At the end of 2017, Key Square's assets were $5.1 billion.[25][1] Bloomberg in May 2018 reported that Key Square had mostly outperformed rival macro managers and continued to generate significant investor interest.[25] As part of a pre-arranged deal, the firm gradually returned the Soros capital as it took in other assets.[25] Its investors include Australia's sovereign wealth fund.[1]
Philanthropy[edit]
Bessent has been active at his alma mater, Yale University, where he sits on the University Council.[13] He and his sister donated the Bessent Library to Yale in honor of their father, H. Gaston Bessent, Jr.[27] Bessent has also endowed three scholarships at Yale, including one for students who are first-generation college matriculants, one for students from South Carolina, and one for students from the Bronx.[27]
Bessent previously served on the board of God's Love We Deliver, an organization founded to deliver meals for homebound people with AIDS.[13][28] He is a supporter of The Harlem Children's Zone, where he has chaired their annual dinner and mentors recent graduates.[29]
Bessent currently serves on the board of trustees of Rockefeller University, where he chairs the Investment Committee and is a member of the Executive Committee.[30] He is vice-chair of Classical American Homes Preservation Trust, and a former board member of the Spoleto Festival in Charleston, South Carolina.[30][31] Bessent is also a member of the Council on Foreign Relations.[13][30]
Personal life[edit]
Bessent resides in Charleston, South Carolina.[32]
Bessent is a supporter of Donald Trump and was a co-chair at a Republican fundraiser for the former President in Palm Beach, Florida.[33]
References[edit]
- ^ a b c d "Volatility Offers Rich Pickings," The Australian, November 16, 2018
- ^ a b c d “Soros Puts New Man at Helm,” Wall Street Journal, September 20, 2011
- ^ School, Columbia Business (2013-03-08). "Institutional Investing: Alternative Assets in Pension Plans". Courses at Columbia Business School. Retrieved 2018-12-04.
{{cite news}}:|first=has generic name (help) - ^ "Kenan Institute Welcomes Investor Scott Bessent for Lunch and Discussion with Kenan Scholars – Student Opportunities". www.kenaninstitute.unc.edu. Retrieved 2018-12-04.
- ^ a b “Scott Bessent Quits Soros Group to Launch Hedge Fund,” Financial Times, August 4, 2015
- ^ a b “George Soros’ Protégé Just Nailed One of the Biggest Hedge Fund Launches Ever,” Business Insider, January 5, 2016
- ^ a b “Bessent’s $5.3 Billion Fund Makes Star Emerging Markets Hire,” Bloomberg, March 27, 2017
- ^ a b “Former George Soros Executive Raises $4.5bn For New Fund,” Financial Times, January 5, 2016
- ^ a b c d e f g h "Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund," Business Insider, September 19, 2011
- ^ a b c d "Soros Aide Wins Kudos for Japan Bets," Wall Street Journal, February 14, 2013
- ^ "Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO," Bloomberg, September 19, 2011
- ^ a b “Life and Money Management,” Yale Alumni Magazine, Sept/Oct 2015
- ^ a b c d “New Members Appointed to University Council,” YaleNews, November 8, 2016
- ^ a b c "Soros appoints new CIO to family office," Financial Times, September 19, 2011
- ^ a b c “Soros’s Investment Chief to Depart,” Wall Street Journal, August 4, 2015
- ^ a b c “Soros’ CIO to Start Own Hedge Fund with $2 Bln,” Reuters, August 4, 2015
- ^ "Sohn Hearts and Minds 2018: Top Investment Tips from Leading Fund Managers," Australian Financial Review, November 16, 2018
- ^ “Hottest College Courses: From Economics to Sustainable Food,” The Daily Beast, September 6, 2010
- ^ a b “Soros’ European Investment Head Bessent Leaves,” Bloomberg, June 8, 2000
- ^ “Top Soros Man Bessent Quits to Start Hedge Fund,” Telegraph, June 9, 2000
- ^ "Stock Pickers Let Good Tips Roll," The Australian, November 16, 2018
- ^ “A Top Soros Money Manager Is Leaving to Start Own Firm,” Wall Street Journal, June 9, 2000
- ^ “George Soros ‘Makes $1.2bn Betting Against Yen’,” The Guardian, February 15, 2013
- ^ “Former Soros Manager Scott Bessent Raises $1 Bln for New Funds,” Bloomberg, September 27, 2000
- ^ a b c d e f g “George Soros Gets Most of His $2 Billion Back from Bessent," Bloomberg, May 14, 2018
- ^ a b c “Ex-Soros’s Bessent Raises $4.5 Billion For New Hedge Fund Firm,” Bloomberg, January 5, 2016
- ^ a b “Annual Report of Giving to Yale, 2000-2001," www.giving.yale.edu
- ^ “Out 100 -- Money + Business: Scott Bessent,” Out Magazine, January 2001
- ^ “Harlem Children’s Zone Annual Benefit, April 24, 2013.” http://www.masterplanneronline.com/newyork/organization/Harlem_Children's_Zone_30051
- ^ a b c "Three New Trustees Are Elected to the Board," Rockefeller University Press Release, March 3, 2016
- ^ “Palatial Purchase Palmer Home B&B on East Battery, Known as the Pink Palace, Sells for $6.5M,” Post and Courier, June 21, 2016
- ^ McDermott, John (July 31, 2022). "SC hedge fund investor looks to spread the word about math and financial literacy". Post and Courier.
- ^ Date, S.V. (March 21, 2024). "RNC already helping raise money for Trump's legal bills, despite campaign's claims". Huffington Post.
Further reading[edit]
Steven Drobny, "The Stock Operator: Scott Bessent," Inside the House of Money
Sebastian Mallaby, More Money Than God: Hedge Funds and the Making of a New Elite