Scott Bessent, who managed George Soros’ European investments for eight years, is returning to Soros Fund Management as chief investment officer to oversee the $25 billion that belongs to the billionaire, his family and foundations, according to a letter sent to employees.
Mr. Bessent succeeds Keith Anderson, who left in July after his performance over the previous 18 months lagged behind peers. At the time of Mr. Anderson’s departure, the firm told clients it would return all outside capital, less than $1 billion, by the end of the year.
“I am pleased to announce that Scott Bessent will join Soros Fund Management LLC,” Mr. Soros wrote Monday in the letter, calling it part of the transition to a family office. His son, Jonathan Soros, will leave the money management arm to be chairman of the foundation, according to the letter.
As CIO, Mr. Bessent will be in charge of asset allocation and sizing the biggest trades, managing internal teams, choosing and monitoring external money managers, risk management, putting on hedges and making tactical investments.
Mr. Bessent was director of research and strategy at hedge fund firm Protege Partners. He left at the end of last year and was in the process of forming a macro fund when he was recruited by Soros Fund Management.
Michael Vachon, a spokesman for Soros Fund Management, declined to comment.
