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    (adsbygoogle = window.adsbygoogle || []).push({});before-content-x4Scott Bessent (born 1962) is a prominent American investor, philanthropist, and educator.[1][2][3][4] He is the founder of Key Square Group, a global macro investment firm which was one of the largest hedge fund launches of all time.[1][5][6][7][8]       (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4Table of ContentsEarly life and education[edit]Investment career[edit]Initial investment experience[edit]First stint at Soros Fund Management[edit]Other ventures[edit]CIO at Soros Fund Management[edit]Key Square Group[edit]Philanthropy[edit]Personal life[edit]References[edit]Further reading[edit]Early life and education[edit]Bessent was born in Conway, South Carolina.[9][10] He attended Yale College, graduating in 1984.[9][11][12]\u00a0He originally intended to become a computer scientist or journalist, but switched to finance when his passion for investing was sparked by an internship with renowned money manager Jim Rogers.[9][13][10][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.[14][12]       (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4Investment career[edit]Throughout his career, Bessent helped orchestrate some of the most legendary bets in markets history.[15] The Wall Street Journal hailed him as \u201cone of the most powerful investors on Wall Street.\u201d[2]\u00a0Bessent was featured in Crain’s \u201c40 Under 40,\u201d which proclaimed, \u201cIf hedge fund managers are the rock stars of Wall Street, Scott Bessent is the front man.\u201d[2]\u00a0He is a frequent speaker on economic and investment panels around the globe.[15][16][17][18][19]\u00a0The Australian Financial Review noted that \u201cIn the world of macro hedge funds, Scott Bessent could be regarded as royalty.\u201d[2]Bessent was previously the Chief Investment Officer of Soros Fund Management, the $30 billion family office of billionaire George Soros.[9][20][11][21][22] From 2006 to 2011, Bessent was an Adjunct Professor of economic history at Yale, where he taught three courses.[9][10][23][2][12]\u00a0The Daily Beast included his 2010 class in its listing of \u201cHottest College Courses.\u201d[24]Initial investment experience[edit]Bessent was fortunate to have been mentored by some of the greats in the investment management business.[11][15][16][2][22]\u00a0After beginning his career at Brown Brothers Harriman, he moved to the Olayan Group, a Saudi family office where he reported directly to Hutham Olayan.[9][11][10][25] From there, he became the first analyst for acclaimed short seller Jim Chanos at Kynikos Associates.[9][11][10]First stint at Soros Fund Management[edit]Bessent first joined Soros Fund Management (SFM) in 1991 and was a partner there throughout the 1990s.[9][2]\u00a0At the age of 29, he was asked to head SFM’s London office.[9][20][13][26][27] He was one of the two youngest Managing Directors at the firm.[26]       (adsbygoogle = window.adsbygoogle || []).push({});after-content-x4According 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 fabled wager against the British pound, which netted the firm a profit of $1 billion (see \u201cFurther reading\u201d).[10][28][5][29][30]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\u00a0He also directly managed $1.5 billion of the firm’s capital.[9][11][31]By the time he decided to leave SFM in 2000, an SFM memo described Bessent as \u201ca trusted advisor for nearly a decade.\u201d[26][29]Other ventures[edit]After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund, which he converted to a family office in 2005.[9][11][13][12][26]\u00a0He was also a senior investment advisor at fund-of-funds Prot\u00e9g\u00e9 Partners.[11][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.[20][11][25][6]CIO at Soros Fund Management[edit]Bessent served as the Chief Investment Officer of Soros Fund Management from 2011 to 2015.[32][25] Under Bessent’s leadership, the firm made a profit of $10 billion.[32][25][33]\u00a0In February 2013, Bessent was credited with helping Soros Fund Management make more than $1.2 billion in profits, in part by betting that the Japanese yen would weaken against other major currencies.[10][30] Bessent had a reputation for the strength of his convictions, holding onto his investment theses even when they differed from those of George Soros.[10]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.[32][16][21][25][22] In addressing his departure, an SFM memo praised his skill and dedication, noting that \u201cScott will continue to advise SFM on an informal basis and remains close to George Soros and the Soros family.\u201d[25]Key Square Group[edit]Key Square Group was the largest hedge fund launch of 2016 and, at that time, the third-largest hedge fund launch ever.[6][7][8]\u00a0The firm’s name alludes to the pivotal position for a player’s king during the endgame in chess.[5]Bessent founded Key Square Group with Michael Germino, who had been the Global Head of Capital Markets at SFM.[33]\u00a0A number of the pair’s former colleagues from SFM followed them to Key Square.[33][7]Key Square received a $2 billion anchor investment from George Soros.[32][16][21][25][22]\u00a0By the end of its first quarter of operation, Key Square was managing $4.5 billion from a close-knit group of trusted investors.[8]\u00a0The firm was oversubscribed at launch, and had to turn away some capital.[33]At the end of 2017, Key Square’s assets were $5.1 billion.[32][15][1]\u00a0Bloomberg in May 2018 reported that Key Square had mostly outperformed rival macro managers and continued to generate significant investor interest.[32] As part of a pre-arranged deal, the firm gradually returned the Soros capital as it took in other assets.[32]\u00a0Its investors include Australia’s sovereign wealth fund.[15][1]Philanthropy[edit]Bessent has been very active at his alma mater, Yale University, where he sits on the University Council.[14]\u00a0He and his sister donated the Bessent Library to Yale in honor of their father, H. Gaston Bessent, Jr.[34]\u00a0Bessent 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.[34]Bessent previously served on the board of God’s Love We Deliver, an organization founded to deliver meals for homebound people with AIDS.[14][35]\u00a0He is a supporter of The Harlem Children’s Zone, where he has chaired their annual dinner and mentors recent graduates.[36]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.[37] He is vice-chair of Classical American Homes Preservation Trust, and a former board member of the Spoleto Festival in Charleston, South Carolina.[37][38] Bessent is also a member of the Council on Foreign Relations.[14][37]Personal life[edit]Bessent resides in Manhattan with his husband, a former New York City assistant district attorney, and two children.[10][12][29]\u00a0He has been identified as the most prominent gay hedge fund manager on Wall Street.[9][13][12]Bessent is featured in several books on hedge funds[14]\u00a0and a number of his articles have been published in The International Economy Magazine.[39][40][41]References[edit]^ a b c d “Volatility Offers Rich Pickings,” The Australian, November 16, 2018 ^ a b c d e f g h \u201cSoros Puts New Man at Helm,\u201d 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. ^ “Kenan Institute Welcomes Investor Scott Bessent for Lunch and Discussion with Kenan Scholars \u2013 Student Opportunities”. www.kenaninstitute.unc.edu. Retrieved 2018-12-04.^ a b c \u201cScott Bessent Quits Soros Group to Launch Hedge Fund,\u201d Financial Times, August 4, 2015^ a b c \u201cGeorge Soros\u2019 Prot\u00e9g\u00e9 Just Nailed One of the Biggest Hedge Fund Launches Ever,\u201d Business Insider, January 5, 2016\u00a0 \u00a0^ a b c \u201cBessent\u2019s $5.3 Billion Fund Makes Star Emerging Markets Hire,\u201d Bloomberg, March 27, 2017\u00a0 \u00a0^ a b c \u201cFormer George Soros Executive Raises $4.5bn For New Fund,\u201d Financial Times, January 5, 2016\u00a0 \u00a0^ a b c d e f g h i j k l “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 e f g h i j “Soros Aide Wins Kudos for Japan Bets,” Wall Street Journal, February 14, 2013\u00a0 \u00a0^ a b c d e f g h i “Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO,” Bloomberg, September 19, 2011^ a b c d e f g \u201cLife and Money Management,\u201d Yale Alumni Magazine, Sept\/Oct 2015\u00a0 \u00a0^ a b c d “Scott Bessent, 38,” Crain’s New York Business, 40 Under 40 Class of 2001, updated October 12, 2012\u00a0 \u00a0^ a b c d e \u201cNew Members Appointed to University Council,\u201d YaleNews, November 8, 2016\u00a0 \u00a0^ a b c d e “Scott Bessent is Preparing for \u2018The Great Divergence\u2019,” Australian Financial Review, November 4, 2018^ a b c d “Soros Mentee Among Speakers at Sohn Conference in Melbourne,” Bloomberg, November 15, 2018\u00a0 \u00a0^ “Macro Guru Scott Bessent Says US-China Trade Deal Could Reignite Global Growth,” Australian Financial Review, November 16, 2018\u00a0 \u00a0^ \u201cThe Annual Sun Valley Conference is Almost Here,\u201d Business Insider, July 10, 2018^ \u201cPast Conference Speakers: Bessent, Scott,\u201d Grant\u2019s Interest Rate Observer, Spring 2016. https:\/\/www.grantspub.com\/conferences\/Bessent-Scott\u00a0 \u00a0^ a b c “Soros appoints new CIO to family office,” Financial Times, September 19, 2011^ a b c \u201cSoros\u2019s Investment Chief to Depart,\u201d Wall Street Journal, August 4, 2015\u00a0 \u00a0^ a b c d \u201cSoros\u2019 CIO to Start Own Hedge Fund with $2 Bln,\u201d Reuters, August 4, 2015\u00a0 \u00a0^ “Sohn Hearts and Minds 2018: Top Investment Tips from Leading Fund Managers,” Australian Financial Review, November 16, 2018\u00a0 \u00a0^ \u201cHottest College Courses: From Economics to Sustainable Food,\u201d The Daily Beast, September 6, 2010\u00a0 \u00a0^ a b c d e f g \u201cSoros Hands Top Money Man Bessent $2 Billion to Start Firm,\u201d Bloomberg, August 4, 2015\u00a0 \u00a0^ a b c d \u201cSoros\u2019 European Investment Head Bessent Leaves,\u201d Bloomberg, June 8, 2000\u00a0 \u00a0^ \u201cTop Soros Man Bessent Quits to Start Hedge Fund,\u201d Telegraph, June 9, 2000^ “Stock Pickers Let Good Tips Roll,” The Australian, November 16, 2018\u00a0 \u00a0^ a b c \u201cA Top Soros Money Manager Is Leaving to Start Own Firm,\u201d Wall Street Journal, June 9, 2000\u00a0 \u00a0^ a b \u201cGeorge Soros \u2018Makes $1.2bn Betting Against Yen\u2019,\u201d The Guardian, February 15, 2013^ \u201cFormer Soros Manager Scott Bessent Raises $1 Bln for New Funds,\u201d Bloomberg, September 27, 2000^ a b c d e f g \u201cGeorge Soros Gets Most of His $2 Billion Back from Bessent,” Bloomberg, May 14, 2018^ a b c d \u201cEx-Soros\u2019s Bessent Raises $4.5 Billion For New Hedge Fund Firm,\u201d Bloomberg, January 5, 2016\u00a0 \u00a0^ a b \u201cAnnual Report of Giving to Yale, 2000-2001,” www.giving.yale.edu^ \u201cOut 100 — Money + Business: Scott Bessent,\u201d Out Magazine, January 2001^ \u201cHarlem Children\u2019s Zone Annual Benefit, April 24, 2013.\u201d http:\/\/www.masterplanneronline.com\/newyork\/organization\/Harlem_Children’s_Zone_30051\u00a0 \u00a0 ^ a b c “Three New Trustees Are Elected to the Board,” Rockefeller University Press Release, March 3, 2016^ \u201cPalatial Purchase Palmer Home B&B on East Battery, Known as the Pink Palace, Sells for $6.5M,\u201d Post and Courier, June 21, 2016^ ‘Why is the VIX \u201cFear Gauge\u201d So Low?\u00a0‘ The International Economy Magazine, Spring 2017. http:\/\/www.international-economy.com\/TIE_Sp17_VIXQuestion.pdf‘^ ‘Is the World at Risk of the \u201cJapan Disease\u201d?\u00a0The International Economy Magazine, Summer 2017.\u00a0 http:\/\/www.international-economy.com\/TIE_Su17_JapanDiseaseSymp.pdf‘^ ‘Is the World Ready For the Next Downturn?\u00a0The International Economy Magazine, Summer 2018.\u00a0 http:\/\/www.international-economy.com\/TIE_Su18_ReadyDownturnSymp.pdfFurther reading[edit]Steven Drobny, “The Stock Operator: Scott Bessent,” Inside the House of MoneySebastian Mallaby, More Money Than God: Hedge Funds and the Making of a New Elite     (adsbygoogle = window.adsbygoogle || 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