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.[8] Bessent and his sister donated the Bessent Library to Yale University.[31] 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.[31]
Bessent chairs the investment committee and is a member of the executive committee on the board of trustees of Rockefeller University.[32] Bessent formerly served on the board of God's Love We Deliver, an organization founded to deliver meals for homebound people with AIDS.[8][33] He is vice-chair of Classical American Homes Preservation Trust, and a former board member of the Spoleto Festival in Charleston, South Carolina.[32][34] Bessent is also a member of the Council on Foreign Relations.[8][32]
Philanthropy
Bessent opened two foundations in 2022, and created the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina.[35][36] He also supports the Prince's Trust in London and the Harlem Children's Zone in New York City.[35]
Personal life
Bessent resides in Charleston, South Carolina.[37] Bessent and his husband, former New York City prosecutor John Freeman, have two children.[38]
In 2016, Bessent purchased the historic John Ravenel House; its restoration project was awarded the Preservation Society of Charleston's Carolopolis Award in 2021.[35][39][40][41]
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