Soros Hires Old Friend To Run Hedge-Fund-To-Family-Office Transition

Sep 19 2011 | 12:34pm ET

Soros Fund Management has brought in a familiar face to run the hedge fund as it becomes a family office.

Scott Bessent, who left Soros in 2000 as its then-second-longest serving money manager, was named chief investment officer. He'll handle the $26 billion firm's transition to life as a family office, running the Soros' billions and those of his foundations.

Soros announced earlier this year that it would return its remaining outside capital, less than $1 billion, by the end of 2011.

Bessent was in charge of Soros' European investments for eight years before his departure. New York-based Soros also announced that Jonathan Soros, George Soros' son, would leave the family enterprise's asset-management arm to join its foundation as chairman.

Before joining Soros, Bessent worked at Kynikos Associates. He joined Soros in 1991, rising to become head of global research and co-head of external manager selection.

He founded his own $1 billion hedge fund, Bessent Capital, after leaving Soros. But, in a dry-run for his new role at Soros, he returned outside capital and turned his fund into a family office in 2005 after suffering performance losses and investor redemptions.

He then moved on to fund of hedge funds Protégé Partners, which he left last year to set up a new hedge fund, KeySquare Group. That fund was to launch next month before it was preempted by his recruitment by Soros.

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