Wikipedia

Scott Bessent

American businessman

Scott Kenneth Homer Bessent (/ˈbɛsənt/; born August 1962) is an American investor, philanthropist, hedge fund manager and Republican donor.[1][2] He is the founder of Key Square Group, an investment firm.[3][4][5]

Scott Bessent
Bessent in 2024
United States Secretary of the Treasury
Nominee
Assuming office
TBD
PresidentDonald Trump (elect)
DeputyMichael Faulkender (nominee)
SucceedingJanet Yellen
Personal details
Born
Scott Kenneth Homer Bessent

August 1962 (age 62)
Conway, South Carolina, U.S.
Political partyRepublican
Spouse(s)John Freeman
Children2
EducationYale University (BA)

In November 2024, President-elect Donald Trump nominated Bessent to be his Treasury Secretary for his second administration.[6][7]

Early life and education

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Bessent was born in Conway, South Carolina to Barbara McLeod and Homer Gaston Bessent Jr..[8][9][10] He graduated from Yale University in 1984.[9][11] 

Business career

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Bessent joined Soros Fund Management (SFM) in 1991 and was a partner there during the 1990s.[8][2][12][13][14] After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund.[8][15] 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.[5]

He was also a senior investment advisor at fund-of-funds Protégé Partners.[16][2] In 2011, Bessent returned to SFM as Chief Investment Officer.[12][17] Bessent was SFM's CIO until 2015, when he left to begin a new firm, Key Square Group.[13][14]

From 2006 to 2011, he taught economic history at Yale University.[2][5] He is also a philanthropist who donates money to restore historic buildings in South Carolina and to children's hospitals.[18][19]

Bessent founded Key Square Group in 2015.[20]

Political fundraising

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In 2000, Bessent hosted a fundraiser for Vice President Al Gore's 2000 presidential campaign at his East Hampton, New York, home.[21] In 2016, Bessent donated $1 million to Donald Trump's 2017 first presidential inaugural committee.[22]

In 2024, Bessent hosted many fundraisers for Trump's 2024 campaign.[23][24] In July 2024, Bessent became an economic advisor to Trump.[25]

U.S. Secretary of the Treasury

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Nomination

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After Trump was elected president in 2024 presidential election, he was seen as a possible candidate for United States Secretary of the Treasury in a second Trump administration.[26][27]

On November 22, 2024, President-elect Trump named Bessent as his pick for Secretary of the Treasury.[7]

Personal life

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Bessent lives in Charleston, South Carolina.[28] Bessent and his husband, lawyer John Freeman, have two children.[29]

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 13 November 2024.
  2. ↑ 2.0 2.1 2.2 2.3 Zuckerman, Gregory (September 20, 2011). "Soros Puts New Man at Helm". The Wall Street Journal. Retrieved November 12, 2024.
  3. ↑ Foley, Stephen (2015-08-04). "Scott Bessent quits Soros group to launch hedge fund". Financial Times. Retrieved 2024-11-12.
  4. ↑ Foley, Stephen; Johnson, Miles; Childs, Mary (2016-01-05). "Former George Soros executive raises $4.5bn for new fund". Financial Times. Retrieved 2024-11-12.
  5. ↑ 5.0 5.1 5.2 “Life and Money Management,” Yale Alumni Magazine, Sept/Oct 2015   
  6. ↑ 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.
  7. ↑ 7.0 7.1 Restuccia, Andrew; Schwartz, Brian; Timiraos, Nick; Leary, Alex (November 22, 2024). "Trump Picks Scott Bessent as Treasury Secretary". The Wall Street Journal. Retrieved November 22, 2024.
  8. ↑ 8.0 8.1 8.2 "Meet The Hedge Fund Superstar George Soros Just Hired To Take Over His $25 Billion Fund," Business Insider, September 19, 2011
  9. ↑ 9.0 9.1 "Scott Bessent". The Sun News. 1984-07-08. p. 8D. Retrieved 2024-11-15 – via Newspapers.com. 
  10. ↑ "Homer G. Bessent Jr". The Sun News. 2000-01-15. p. 2C. Retrieved 2024-11-15 – via Newspapers.com. 
  11. ↑ "Ex-Soros Trader Bessent Returns to $25 Billion Firm as CIO," Bloomberg, September 19, 2011
  12. ↑ 12.0 12.1 "Soros appoints new CIO to family office," Financial Times, September 19, 2011
  13. ↑ 13.0 13.1 “Soros’s Investment Chief to Depart,” Wall Street Journal, August 4, 2015   
  14. ↑ 14.0 14.1 “Soros’ CIO to Start Own Hedge Fund with $2 Bln,” Reuters, August 4, 2015   
  15. ↑ “Soros’ European Investment Head Bessent Leaves,” Bloomberg, June 8, 2000   
  16. ↑ "Soros Aide Wins Kudos for Japan Bets," Wall Street Journal, February 14, 2013
  17. ↑ “George Soros’ Protégé Just Nailed One of the Biggest Hedge Fund Launches Ever,” Business Insider, January 5, 2016   
  18. ↑ McDermott, John (July 31, 2022). "SC Hedge Fund Investor Looks to Spread the Word About math and Financial Literacy". Post and Courier.
  19. ↑ Hogan, Laura (February 3, 2022). "Carolopolis Awards Include Historic Homes, Visitor Center, Brick House Ruins". Post and Courier.
  20. ↑ “Ex-Soros’s Bessent Raises $4.5 Billion For New Hedge Fund Firm,” Bloomberg, January 5, 2016
  21. ↑ 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.
  22. ↑ Kight, Stef (April 19, 2017). "The big $$$ donors to Trump's Inaugural Committee". Axios.
  23. ↑ 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.
  24. ↑ "Trump Campaign Says $50.5 Million Haul Doubled Biden's Fundraiser". Newsweek. April 6, 2024.
  25. ↑ Cook, Nancy; Green, Joshua; Parker, Mario (July 16, 2024). "Trump on Taxes. Tariffs, Jerome Powell and More". Bloomberg.
  26. ↑ 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.
  27. ↑ Reklaitis, Victor. "Possible Trump Pick for Treasury Lays Out 3-Point Economic Plan that Calls for Deregulation, Lower Deficit". MSN.
  28. ↑ McDermott, John (July 31, 2022). "SC hedge fund investor looks to spread the word about math and financial literacy". Post and Courier.
  29. ↑ Zuckerman, Gregory; Rudegeair, Peter (October 10, 2024). "The Ex-Soros Executive Who is Trump's New Obsession". The Wall Street Journal.

Other websites

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