Soros Fund Management’s Scott Bessent to start own hedge fund with $2bn investment
Scott Bessent who has been overseeing the $30bn fortune of George Soros, the chairman of Soros Fund Management, will be starting his own hedge fund with a $2bn investment from Soros.
The $2bn investment is slated to make Key Square Group one of the largest hedge-fund start-ups.
Bessent currently works as the chief investment officer at Soros Fund Management.
The employees of Soros Fund Management were informed about the decision through a memo from George Soros' son Robert Soros that said: "Over the past four years, Scott has managed the firm's assets with skill and dedication. He has decided to start his own venture because of the constraints involved in working with a family office structure, which prevent him from raising outside capital.
"Scott will continue to advise SFM on an informal basis and remains close to George Soros and the Soros family. Upon Scott's departure, the firm's investment strategy and asset allocation will be managed by the existing committees established by Scott and myself, which already play an active role in both processes."
Bessent has managed funds for Soros for a long time and has also been overseeing his investments in Europe for eight years in the 1990s. After a brief hiatus, hereturned to the firm in 2011 and helped the company earn around $10bn in profit, reported Bloomberg.