Soros Fund Management, the $25 billion hedge fund co-founded by legendary investor George Soros, has named Scott Bessent as its new CIO, according to an investor letter obtained by CNBC.
Bessent previously worked at Soros Fund Management from 1991 to 2000, where he served as the firm’s head of global research. He has worked under notable hedge-fund investors, including Stanley Druckenmiller and Jim Chanos, and most recently served as a senior partner at the New York-based Protege Partners hedge fund.
The firm also informed clients that Jonathan Soros, George’s son, would be stepping back from his role in overseeing day-to-day management of the firm.
In a letter to clients informing them of the management changes, George Soros said he was “deeply grateful” for Jonathan’s “excellent work” and, “having successfully prepared SFM to manage the foundation’s assets, he will now be free to purse his own interests more directly.”
Soros, 81, founded Soros Fund Management back in 1969. Earlier this year, he informed clients that the fund was returning all capital from outside investors as part of a transition to a family office.