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]
Scott Bessent | |
|---|---|
| Born | 1962 (age 61–62) Conway, South Carolina, U.S. |
| Education | Yale University (BA) |
| Political party | Republican |
Early life and education
editBessent 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
editFrom 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
editBessent 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
editIn 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
editBessent 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
editBessent 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]
References
edit- ^ a b c d “Soros Puts New Man at Helm,” Wall Street Journal, September 20, 2011
- ^ “Scott Bessent Quits Soros Group to Launch Hedge Fund,” Financial Times, August 4, 2015
- ^ “Former George Soros Executive Raises $4.5bn For New Fund,” Financial Times, January 5, 2016
- ^ a b c "Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund," Business Insider, September 19, 2011
- ^ "Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO," Bloomberg, September 19, 2011
- ^ a b c “New Members Appointed to University Council,” YaleNews, November 8, 2016
- ^ “Life and Money Management,” Yale Alumni Magazine, Sept/Oct 2015
- ^ a b "Soros appoints new CIO to family office," Financial Times, September 19, 2011
- ^ a b “Soros’s Investment Chief to Depart,” Wall Street Journal, August 4, 2015
- ^ a b “Soros’ CIO to Start Own Hedge Fund with $2 Bln,” Reuters, August 4, 2015
- ^ “Soros’ European Investment Head Bessent Leaves,” Bloomberg, June 8, 2000
- ^ "Soros Aide Wins Kudos for Japan Bets," Wall Street Journal, February 14, 2013
- ^ “George Soros’ Protégé Just Nailed One of the Biggest Hedge Fund Launches Ever,” Business Insider, January 5, 2016
- ^ “Ex-Soros’s Bessent Raises $4.5 Billion For New Hedge Fund Firm,” Bloomberg, January 5, 2016
- ^ a b c d “George Soros Gets Most of His $2 Billion Back from Bessent," Bloomberg, May 14, 2018
- ^ a b "Volatility Offers Rich Pickings," The Australian, November 16, 2018
- ^ 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.
- ^ Kight, Stef (April 19, 2017). "The big $$$ donors to Trump's Inaugural Committee". Axios.
- ^ 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.
- ^ "Trump Campaign Says $50.5 Million Haul Doubled Biden's Fundraiser". Newsweek. April 6, 2024.
- ^ “New Members Appointed to University Council,” YaleNews, November 8, 2016
- ^ a b “Annual Report of Giving to Yale, 2000-2001," www.giving.yale.edu
- ^ a b c "Three New Trustees Are Elected to the Board," Rockefeller University Press Release, March 3, 2016
- ^ “Out 100 -- Money + Business: Scott Bessent,” Out Magazine, January 2001
- ^ “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
editSteven Drobny, "The Stock Operator: Scott Bessent," Inside the House of Money