Scott Bessent

Last updated
Scott Bessent
Born1962 (age 61–62)
Conway, South Carolina, U.S.
Education Yale University (BA)
Political party Republican

Scott Bessent (born 1962) is an American investor, board member, and educator. [1] He is the founder of Key Square Group, a global macro investment firm. [2] [3]

Contents

Early life and education

Bessent was born in Conway, South Carolina. [4] He attended Yale College, graduating in 1984. [5]   While at Yale, Bessent wrote for The Yale Daily News, was President of Wolf's Head Society and Treasurer for the class of 1984. [6]

Career

From 2006 to 2011, Bessent was an adjunct professor of economic history at Yale, where he taught three courses. [1] [7]  

Bessent joined Soros Fund Management (SFM) in 1991 and was a partner there throughout the 1990s, eventually becoming the head of the London office. [4] [1] [8] [9] [10]

After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund. [4] [11]  He was also a senior investment advisor at fund-of-funds Protégé Partners. [12] [1]

In 2011, Bessent returned to SFM as Chief Investment Officer. [8] [13] Bessent served as SFM's CIO until 2015, when he left to begin a new firm, Key Square Group. [9] [10]

Key Square Group

Bessent founded Key Square Group with Michael Germino, who had been the Global Head of Capital Markets at SFM. [14]  

Key Square received a $2 billion anchor investment from George Soros. [15]  

At the end of 2017, Key Square's assets were $5.1 billion. [15] [16]  Bloomberg in May 2018 reported that Key Square had mostly outperformed rival macro managers and continued to generate significant investor interest. [15] As part of a pre-arranged deal, the firm returned the Soros capital as it took in other assets. [15]  Its investors include Australia's sovereign wealth fund. [16]

Politics

In 2000, Bessent hosted a fundraiser for Al Gore at his East Hampton, New York home. [17]

In 2016, Bessent donated $1 million to Donald Trump's presidential campaign. [18]

In February 2024, Bessent hosted a fundraiser in Greenville, South Carolina that raised nearly $7 million for Donald Trump's 2024 campaign. [19] In April 2024, Bessent was a host for a Palm Beach, Florida fundraiser that raised $50 million for the Trump campaign. [20]

Board memberships

Bessent sits on the University Council at Yale University. [21] Bessent and his sister donated the Bessent Library to Yale University, [22]  Bessent has endowed three scholarships at Yale: one for students who are first-generation college matriculants, one for students from South Carolina, and one for students from the Bronx. [22]

Bessent chairs the Investment Committee and is a member of the Executive Committee on the board of trustees of Rockefeller University. [23]

Bessent formerly served on the board of God's Love We Deliver, an organization founded to deliver meals for homebound people with AIDS. [6] [24]  

He is vice-chair of Classical American Homes Preservation Trust, and a former board member of the Spoleto Festival in Charleston, South Carolina. [23] [25] Bessent is also a member of the Council on Foreign Relations. [6] [23]

Personal life

Bessent resides in Charleston, South Carolina. [26]

Bessent is a supporter of Donald Trump and was a co-chair at a Republican fundraiser for the former President in Palm Beach, Florida. [27]

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References

  1. 1 2 3 4 “Soros Puts New Man at Helm,” Wall Street Journal, September 20, 2011
  2. ↑ “Scott Bessent Quits Soros Group to Launch Hedge Fund,” Financial Times, August 4, 2015
  3. ↑ “Former George Soros Executive Raises $4.5bn For New Fund,” Financial Times, January 5, 2016   
  4. 1 2 3 "Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund," Business Insider, September 19, 2011
  5. ↑ "Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO," Bloomberg, September 19, 2011
  6. 1 2 3 “New Members Appointed to University Council,” YaleNews, November 8, 2016   
  7. ↑ “Life and Money Management,” Yale Alumni Magazine, Sept/Oct 2015   
  8. 1 2 "Soros appoints new CIO to family office," Financial Times, September 19, 2011
  9. 1 2 “Soros’s Investment Chief to Depart,” Wall Street Journal, August 4, 2015   
  10. 1 2 “Soros’ CIO to Start Own Hedge Fund with $2 Bln,” Reuters, August 4, 2015   
  11. ↑ “Soros’ European Investment Head Bessent Leaves,” Bloomberg, June 8, 2000   
  12. ↑ "Soros Aide Wins Kudos for Japan Bets," Wall Street Journal, February 14, 2013   
  13. ↑ “George Soros’ Protégé Just Nailed One of the Biggest Hedge Fund Launches Ever,” Business Insider, January 5, 2016   
  14. ↑ “Ex-Soros’s Bessent Raises $4.5 Billion For New Hedge Fund Firm,” Bloomberg, January 5, 2016   
  15. 1 2 3 4 “George Soros Gets Most of His $2 Billion Back from Bessent," Bloomberg, May 14, 2018
  16. 1 2 "Volatility Offers Rich Pickings," The Australian, November 16, 2018
  17. ↑ Dao, James (Aug 6, 2000). "THE 2000 Campaign: The Vice President; Gore's Theme-a-Day Tour Will Start With a No. 2 Pick". The New York Times.
  18. ↑ Kight, Stef (April 19, 2017). "The big $$$ donors to Trump's Inaugural Committee". Axios.
  19. ↑ Kim, Soo Rin; Ibssa, Lalee (February 21, 2024). "Trump brings in more than $6.8 million from Greenville, South Carolina, fundraiser ahead of primary". ABC News.
  20. ↑ "Trump Campaign Says $50.5 Million Haul Doubled Biden's Fundraiser". Newsweek. April 6, 2024.
  21. ↑ “New Members Appointed to University Council,” YaleNews, November 8, 2016  
  22. 1 2 “Annual Report of Giving to Yale, 2000-2001," www.giving.yale.edu
  23. 1 2 3 "Three New Trustees Are Elected to the Board," Rockefeller University Press Release, March 3, 2016
  24. ↑ “Out 100 -- Money + Business: Scott Bessent,” Out Magazine, January 2001
  25. ↑ “Palatial Purchase Palmer Home B&B on East Battery, Known as the Pink Palace, Sells for $6.5M,” Post and Courier, June 21, 2016
  26. ↑ McDermott, John (July 31, 2022). "SC hedge fund investor looks to spread the word about math and financial literacy". Post and Courier.
  27. ↑ Date, S.V. (March 21, 2024). "RNC already helping raise money for Trump's legal bills, despite campaign's claims". Huffington Post.

Further reading

Steven Drobny, "The Stock Operator: Scott Bessent," Inside the House of Money

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