Wednesday, 2 September 2015
Last updated 1 hour ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…