Scott Bessent, founder of Key Square Capital Management, was named late Friday by President-elect Donald Trump as his choice for Treasury Secretary. While Bessent’s name may not carry the same public recognition as hedge fund titans like Ray Dalio or Ken Griffin, his storied Wall Street career and key financial decisions have cemented his reputation as one of the most influential figures in global finance.
Born in South Carolina and a graduate of Yale University, Bessent began his career as a securities analyst and options trader for a Saudi family investment office. He also interned with Jim Rogers, the co-founder of the Quantum Fund with George Soros, and worked under renowned short-seller James Chanos.
In 1991, Bessent joined Soros Fund Management, where he orchestrated one of the most legendary trades in financial history. Working from Soros’s London office, Bessent played a critical role in the 1992 short position against the British pound. This trade, later known as “Black Wednesday,” exploited flaws in the European Exchange Rate Mechanism and netted Soros a profit exceeding $1 billion. While celebrated by market participants, the trade was infamous in the U.K. for forcing the pound out of the European currency system.
Bessent’s career trajectory included stints as a senior partner at Protege Partners and running his own investment firm, though he had to return client funds in 2005. However, his relationship with Soros endured, and in 2011, Bessent returned to Soros Fund Management as Chief Investment Officer.
During his second tenure at Soros, Bessent oversaw investments that delivered about $10 billion in profits for the firm. Among his major successes was a 2013 short position against Japan’s yen, yielding a $1 billion profit. His role at Soros solidified his reputation as a master of macroeconomic investing, focusing on large-scale trends and market dynamics.
In 2015, Bessent launched Key Square Capital Management, specializing in global macroeconomic strategies. With initial backing of $4.5 billion—including $2 billion from Soros—Bessent quickly demonstrated his market acumen. One of his standout trades was a renewed short against the British pound following the Brexit referendum in 2016, which reportedly helped Key Square’s main fund surge by 13%.
Despite his achievements, little is known about Bessent’s personal wealth. Unlike peers who frequently appear on billionaire rankings, his net worth remains undisclosed. However, as part of his transition to public office, Bessent will be required to divest certain assets to avoid conflicts of interest, which may shed light on his financial holdings.
Bessent’s appointment marks a shift from more traditional political or academic selections for Treasury Secretary to one deeply rooted in Wall Street’s elite. His track record of leveraging macroeconomic trends to deliver extraordinary returns suggests he brings a wealth of financial insight to the role. However, his history of profiting from trades that have disrupted global economies, such as his work on “Black Wednesday,” may prompt scrutiny.
As Treasury Secretary, Bessent’s ability to navigate economic policy and global financial markets will be critical in shaping America’s fiscal future. His appointment reflects the Trump administration’s reliance on business leaders with proven track records of managing complex, high-stakes financial environments.
