Scott Bessent will step up to the plate as the new CIO for the $25 billion hedge fund, Soros Fund Management, while Jonathan Soros – son of co-founder George Soros – steps back from his role overseeing day-to-day management of the firm.
George Soros, 81, founded Soros Fund Management in 1969. Earlier this year, Soros announced that his fund planned to return all capital from outside investors as it transitioned into a family office to avoid regulatory scrutiny (See Soros Fund Management’s holding positions here).
Bessent returns to Soros Fund Management after serving as the firm’s head of global research over a decade ago. Since 2000, Bessent has worked under other hedge fund managers such as Stanley Druckenmiller and Jim Chanos and, recently, served as a senior partner for Protege Partners’ hedge fund.