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Scott Bessent

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Scott Bessent
Born
Scott K. H. Bessent

1962 (age 61–62)
Conway, South Carolina, U.S.
EducationYale University (BA)
Political partyRepublican
SpouseJohn Freeman
Children2

Scott K. H. Bessent (born 1962) is an American investor and hedge fund manager.[1][2] He is the founder of Key Square Group, a global macro investment firm.[3][4] In November 2024, after Donald Trump won the US presidential election, Reuters reported that Bessent was being considered for the position of Treasury Secretary by the incoming Trump administration.[5]

Early life and education

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Scott K. H. Bessent was born in Conway, South Carolina, to Barbara (née McLeod) and Homer Gaston Bessent Jr. His father was a realtor.[6][7][8] He graduated from Yale University in 1984 with a Bachelor of Arts in political science.[7][9] While at Yale, Bessent wrote and was editor for The Yale Daily News, was president of Wolf's Head, one of Yale's "Big Three" senior societies, and treasurer for the class of 1984. He was chairman of the 1984 Yale Alumni Fund and was assistant to the director of athletics.[7][10]

Career

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Investing

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Bessent interned with Jim Rogers.[11] After graduation, Bessent worked at Brown Brothers Harriman, Kynikos Associates (Jim Chanos), and others.[12] Bessent joined Soros Fund Management (SFM) in 1991 and was a partner there throughout the 1990s, eventually becoming the head of the London office.[6][2][13][14][15] In 1992, Bessent was a leading member of the team whose bet regarding the collapse of the British pound garnered over $1 billion for the firm. His bet against the Japanese yen in 2013 brought additional profit.[16][17]

After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund.[6][18] The fund closed in 2005. Bessent has said he learned that he shouldn’t change his style or the construct of the firm because of investor preferences.[12] He was also a senior investment advisor at fund-of-funds Protégé Partners.[19][2] In 2011, Bessent returned to SFM as Chief Investment Officer.[13][20] Bessent served as SFM's CIO until 2015, when he left to begin a new firm, Key Square Group.[14][15]

Key Square Group

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Bessent founded Key Square Group in 2015 with Michael Germino, who had been the global head of capital markets at SFM.[21] Key Square uses geopolitics and economics to make macro investments.[16] Key Square received a $2 billion anchor investment from George Soros.[22]  At the end of 2017, Key Square's assets were $5.1 billion.[22][23] Bloomberg in May 2018 reported that Key Square had mostly outperformed rival macro managers and continued to generate significant investor interest.[22] As part of a pre-arranged deal, the firm returned the Soros capital as it took in other assets.[22] Its investors include Australia's sovereign wealth fund.[23]

Academic teaching

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From 2006 to 2011, Bessent was an adjunct professor of economic history at Yale, where he taught three courses.[2][12]

Politics

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In 2000, Bessent hosted a fundraiser for Al Gore at his East Hampton, New York, home.[24] In 2016, Bessent donated $1 million to Donald Trump's 2017 presidential inaugural committee.[25]

In February 2024, Bessent hosted a fundraiser in Greenville, South Carolina, that raised nearly $7 million for Donald Trump's 2024 campaign.[26] In April 2024, Bessent was a host for a Palm Beach, Florida, fundraiser that raised $50 million for the Trump campaign.[27] In July 2024, Bloomberg Businessweek reported that Bessent was a key economic advisor to Trump.[28] He is reportedly a candidate for United States Secretary of the Treasury in a second Trump administration,[29] and proposed a three-point economic plan for Trump modeled on Japanese Prime Minister Shinzo Abe's "Three Arrows" economic policy.[30]

Board memberships

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Bessent sits on the university council at Yale University.[31] Bessent and his sister donated the Bessent Library to Yale University.[32] 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.[32]

Bessent chairs the investment committee and is a member of the executive committee on the board of trustees of Rockefeller University.[33] Bessent formerly served on the board of God's Love We Deliver, an organization founded to deliver meals for homebound people with AIDS.[10][34]  He is vice-chair of Classical American Homes Preservation Trust, and a former board member of the Spoleto Festival in Charleston, South Carolina.[33][35] Bessent is also a member of the Council on Foreign Relations.[10][33]

Philanthropy

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In 2016, Bessent restored the historic John Ravenel House and was later awarded the Preservation Society of Charleston's Carolopolis Award for the project.[36][37][38] Bessent opened two foundations in 2022, and created the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina.[36][39] He also supports the Prince's Trust in London and the Harlem Children's Zone in New York City.[36]

Personal life

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Bessent resides in Charleston, South Carolina.[40] Bessent is a supporter of Donald Trump and was a co-chair at a Republican fundraiser for the former President in Palm Beach, Florida.[41] Bessent and his husband, former New York City prosecutor John Freeman, have two children.[42]

References

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  1. ^ Saul, Derek. "What To Know About Scott Bessent: Potential Trump Treasury Pick Founded Key Square Hedge Fund". Forbes. Retrieved November 13, 2024.
  2. ^ a b c d Zuckerman, Gregory (September 20, 2011). "Soros Puts New Man at Helm". The Wall Street Journal. Retrieved November 12, 2024.
  3. ^ Foley, Stephen (August 4, 2015). "Scott Bessent quits Soros group to launch hedge fund". Financial Times. Retrieved November 12, 2024.
  4. ^ Foley, Stephen; Johnson, Miles; Childs, Mary (January 5, 2016). "Former George Soros executive raises $4.5bn for new fund". Financial Times. Retrieved November 12, 2024.
  5. ^ Holland, Steve; Ulmer, Alexandra; Delevingne, Lawrence (November 9, 2024). "Bessent, seen as a leading candidate for Treasury Secretary, meets with Trump, sources say". Reuters. Retrieved November 12, 2024.
  6. ^ a b c "Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund," Business Insider, September 19, 2011
  7. ^ a b c "Scott Bessent". The Sun News. July 8, 1984. p. 8D. Retrieved November 15, 2024 – via Newspapers.com.Open access icon
  8. ^ "Homer G. Bessent Jr". The Sun News. January 15, 2000. p. 2C. Retrieved November 15, 2024 – via Newspapers.com.Open access icon
  9. ^ "Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO," Bloomberg, September 19, 2011
  10. ^ a b c “New Members Appointed to University Council,” YaleNews, November 8, 2016
  11. ^ https://www.moneymazepodcast.com/podcast/scott-bessent
  12. ^ a b c “Life and Money Management,” Yale Alumni Magazine, Sept/Oct 2015   
  13. ^ a b "Soros appoints new CIO to family office," Financial Times, September 19, 2011
  14. ^ a b “Soros’s Investment Chief to Depart,” Wall Street Journal, August 4, 2015   
  15. ^ a b “Soros’ CIO to Start Own Hedge Fund with $2 Bln,” Reuters, August 4, 2015   
  16. ^ a b Zuckerman, Gregory; Rudegeair, Peter (October 10, 2024). "The Ex-Soros Executive Who is Trump's New Obsession". The Wall Street Journal.
  17. ^ Rogers, Alex; Politi, James (October 13, 2024). "Trump would not weaken the dollar, says adviser Scott Bessent". Financial Times.
  18. ^ “Soros’ European Investment Head Bessent Leaves,” Bloomberg, June 8, 2000   
  19. ^ "Soros Aide Wins Kudos for Japan Bets," Wall Street Journal, February 14, 2013   
  20. ^ “George Soros’ Protégé Just Nailed One of the Biggest Hedge Fund Launches Ever,” Business Insider, January 5, 2016   
  21. ^ “Ex-Soros’s Bessent Raises $4.5 Billion For New Hedge Fund Firm,” Bloomberg, January 5, 2016
  22. ^ a b c d “George Soros Gets Most of His $2 Billion Back from Bessent," Bloomberg, May 14, 2018
  23. ^ a b "Volatility Offers Rich Pickings," The Australian, November 16, 2018
  24. ^ 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.
  25. ^ Kight, Stef (April 19, 2017). "The big $$$ donors to Trump's Inaugural Committee". Axios.
  26. ^ 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.
  27. ^ "Trump Campaign Says $50.5 Million Haul Doubled Biden's Fundraiser". Newsweek. April 6, 2024.
  28. ^ Cook, Nancy; Green, Joshua; Parker, Mario (July 16, 2024). "Trump on Taxes. Tariffs, Jerome Powell and More". Bloomberg.
  29. ^ Leary, Alex; Restuccia, Andrew; Lombardo, Cara (April 1, 2024). "Trump Eyes High-Profile Wall Street D.C. Veterans for Treasury Secretary". The Wall Street Journal.
  30. ^ Reklaitis, Victor. "Possible Trump Pick for Treasury Lays Out 3-Point Economic Plan that Calls for Deregulation, Lower Deficit". MSN.
  31. ^ “New Members Appointed to University Council,” YaleNews, November 8, 2016
  32. ^ a b “Annual Report of Giving to Yale, 2000-2001," www.giving.yale.edu
  33. ^ a b c "Three New Trustees Are Elected to the Board," Rockefeller University Press Release, March 3, 2016
  34. ^ “Out 100 -- Money + Business: Scott Bessent,” Out Magazine, January 2001
  35. ^ “Palatial Purchase Palmer Home B&B on East Battery, Known as the Pink Palace, Sells for $6.5M,” Post and Courier, June 21, 2016
  36. ^ a b c McDermott, John (July 31, 2022). "SC Hedge Fund Investor Looks to Spread the Word About math and Financial Literacy". Post and Courier.
  37. ^ Hogan, Laura (February 3, 2022). "Carolopolis Awards Include Historic Homes, Visitor Center, Brick House Ruins". Post and Courier.
  38. ^ Wise, Warren L. (June 21, 2016). "Palatial Purchase Palme Home B&B on East Battery, Known as the Pink Palace, Sells for $6.5 M". Post and Courier.
  39. ^ "Barbara McLeod Bessent". Post and Courier.
  40. ^ McDermott, John (July 31, 2022). "SC hedge fund investor looks to spread the word about math and financial literacy". Post and Courier.
  41. ^ Date, S.V. (March 21, 2024). "RNC already helping raise money for Trump's legal bills, despite campaign's claims". Huffington Post.
  42. ^ Zuckerman, Gregory; Rudegeair, Peter (October 10, 2024). "The Ex-Soros Executive Who is Trump's New Obsession". The Wall Street Journal.

Further reading

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