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Scott Bessent

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Scott Bessent
File:Tresaury Nominee Scott Bessent in Oct 2024.png
Bessent in Oct. 2024
United States Secretary of the Treasury
Presumptive nominee
Assuming office
TBD
PresidentDonald Trump (elect)
SucceedingJanet Yellen
Personal details
Born
Scott K. H. Bessent

1962 (age 61–62)
Conway, South Carolina, U.S.
Political partyRepublican
SpouseJohn Freeman
Children2
EducationYale University (BA)
File:Scott Bessent photographed by Aaron Richter.png
Scott Bessent, one of Donald Trump’s closest economic advisers

Scott K. H. Bessent (/ˈbɛsənt/ BEH-sənt; born 1962) is an American investor and hedge fund manager. He is the founder of Key Square Group, a global macro investment firm.[1][2]

In November 2024, President-elect Donald Trump had named Bessent as his nominee for secretary of the Treasury.[3]

Early life and education

Scott K. H. Bessent was born in Conway, South Carolina, to Barbara (née McLeod) and Homer Gaston Bessent Jr. His father was a realtor.[4][5][6] He graduated from Yale College in 1984 with a Bachelor of Arts in political science.[5][7] 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.[5][8]

Career

Investing

Bessent interned with Jim Rogers.[9] After graduation, Bessent worked at Brown Brothers Harriman, Kynikos Associates (Jim Chanos), and others.[10] 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][11][12][13][14] 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.[15][16]

After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund.[4][17] 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.[10] He was also a senior investment advisor at fund-of-funds Protégé Partners.[18][11] In 2011, Bessent returned to SFM as Chief Investment Officer.[12][19] Bessent served as SFM's CIO until 2015, when he left to begin a new firm, Key Square Group.[13][14]

Key Square Group

Bessent founded Key Square Group in 2015 with Michael Germino, who had been the global head of capital markets at SFM.[20] Key Square uses geopolitics and economics to make macro investments.[15] Key Square received a $2 billion anchor investment from George Soros.[21]  At the end of 2017, Key Square's assets were $5.1 billion.[21][22] Bloomberg in May 2018 reported that Key Square had mostly outperformed rival macro managers and continued to generate significant investor interest.[21] As part of a pre-arranged deal, the firm returned the Soros capital as it took in other assets.[21] Its investors include Australia's sovereign wealth fund. (Future Fund[22]

Academic teaching

From 2006 to 2011, Bessent was an adjunct professor of economic history at Yale, where he taught three courses.[11][10]

Politics

In 2000, Bessent hosted a fundraiser for Al Gore at his East Hampton, New York, home.[23] In 2016, Bessent donated $1 million to Donald Trump's 2017 presidential inaugural committee.[24]

In February 2024, Bessent hosted a fundraiser in Greenville, South Carolina, that raised nearly $7 million for Donald Trump's 2024 campaign.[25] In April 2024, Bessent was a host for a Palm Beach, Florida, fundraiser that raised $50 million for the Trump campaign.[26] In July 2024, Bloomberg Businessweek reported that Bessent was a key economic advisor to Trump.[27] He proposed a three-point economic plan for Trump modeled on Japanese Prime Minister Shinzo Abe's "Three Arrows" economic policy.[28]

On November 22, 2024, president-elect Trump nominated Bessent to serve as the Secretary of Treasury[29][30]

Board memberships

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.[8][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.[8][33]

Philanthropy

Bessent opened two foundations in 2022, and created the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina.[36][37] He also supports the Prince's Trust in London and the Harlem Children's Zone in New York City.[36]

Personal life

Bessent resides in Charleston, South Carolina.[38] Bessent and his husband, former New York City prosecutor John Freeman, have two children.[39]

In 2016, Bessent purchased the historic John Ravenel House; its restoration project was awarded the Preservation Society of Charleston's Carolopolis Award in 2021.[36][40][41][42]

References

  1. ^ Foley, Stephen (August 4, 2015). "Scott Bessent quits Soros group to launch hedge fund". Financial Times. Retrieved November 12, 2024.
  2. ^ 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.
  3. ^ "Trump Picks Scott Bessent as Treasury Secretary".
  4. ^ a b c "Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund," Business Insider, September 19, 2011
  5. ^ a b c "Scott Bessent". The Sun News. July 8, 1984. p. 8D. Retrieved November 15, 2024 – via Newspapers.com.Open access icon
  6. ^ "Homer G. Bessent Jr". The Sun News. January 15, 2000. p. 2C. Retrieved November 15, 2024 – via Newspapers.com.Open access icon
  7. ^ "Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO," Bloomberg, September 19, 2011
  8. ^ a b c “New Members Appointed to University Council,” YaleNews, November 8, 2016
  9. ^ https://www.moneymazepodcast.com/podcast/scott-bessent
  10. ^ a b c “Life and Money Management,” Yale Alumni Magazine, Sept/Oct 2015   
  11. ^ a b c Zuckerman, Gregory (September 20, 2011). "Soros Puts New Man at Helm". The Wall Street Journal. Retrieved November 12, 2024.
  12. ^ a b "Soros appoints new CIO to family office," Financial Times, September 19, 2011
  13. ^ a b “Soros’s Investment Chief to Depart,” Wall Street Journal, August 4, 2015   
  14. ^ a b “Soros’ CIO to Start Own Hedge Fund with $2 Bln,” Reuters, August 4, 2015   
  15. ^ a b Zuckerman, Gregory; Rudegeair, Peter (October 10, 2024). "The Ex-Soros Executive Who is Trump's New Obsession". The Wall Street Journal.
  16. ^ Rogers, Alex; Politi, James (October 13, 2024). "Trump would not weaken the dollar, says adviser Scott Bessent". Financial Times.
  17. ^ “Soros’ European Investment Head Bessent Leaves,” Bloomberg, June 8, 2000   
  18. ^ "Soros Aide Wins Kudos for Japan Bets," Wall Street Journal, February 14, 2013   
  19. ^ “George Soros’ Protégé Just Nailed One of the Biggest Hedge Fund Launches Ever,” Business Insider, January 5, 2016   
  20. ^ “Ex-Soros’s Bessent Raises $4.5 Billion For New Hedge Fund Firm,” Bloomberg, January 5, 2016
  21. ^ a b c d “George Soros Gets Most of His $2 Billion Back from Bessent," Bloomberg, May 14, 2018
  22. ^ a b "Volatility Offers Rich Pickings," The Australian, November 16, 2018
  23. ^ 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.
  24. ^ Kight, Stef (April 19, 2017). "The big $$$ donors to Trump's Inaugural Committee". Axios.
  25. ^ 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.
  26. ^ "Trump Campaign Says $50.5 Million Haul Doubled Biden's Fundraiser". Newsweek. April 6, 2024.
  27. ^ Cook, Nancy; Green, Joshua; Parker, Mario (July 16, 2024). "Trump on Taxes. Tariffs, Jerome Powell and More". Bloomberg.
  28. ^ Reklaitis, Victor. "Possible Trump Pick for Treasury Lays Out 3-Point Economic Plan that Calls for Deregulation, Lower Deficit". MSN.
  29. ^ Franey, James (November 22, 2024). "Donald Trump to tap Scott Bessent for Treasury secretary, ending fierce battle for key job: sources". Retrieved November 23, 2024.
  30. ^ "Trump picks Scott Bessent to serve as treasury secretary". NBC News. November 22, 2024. Retrieved November 23, 2024.
  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. ^ "Barbara McLeod Bessent". Post and Courier.
  38. ^ McDermott, John (July 31, 2022). "SC hedge fund investor looks to spread the word about math and financial literacy". Post and Courier.
  39. ^ Zuckerman, Gregory; Rudegeair, Peter (October 10, 2024). "The Ex-Soros Executive Who is Trump's New Obsession". The Wall Street Journal.
  40. ^ Hogan, Laura (February 3, 2022). "Carolopolis Awards Include Historic Homes, Visitor Center, Brick House Ruins". Post and Courier.
  41. ^ 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.
  42. ^ Riddle, Lyn (November 15, 2024). "SC historic John Ravenel house on High Battery in Charleston is for sale for $22.25M". The State.

Further reading

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