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Scott Bessent will sell divest his holdings in Key Square Capital Management, the macro hedge fund he founded, if he is confirmed as President Trump’s Treasury Secretary.
He made a number of commitments to the US Office of Government Ethics in a letter ahead of his Senate confirmation hearing this week.
Bessent founded Key Square in 2015 with a $2bn anchor investment from George Soros, who he worked with in the nineties.
Bessent’s campaign to land the hotly-contested post won the support of several fellow hedge funds, with Brevan Howard among those issuing a positive statement.
His nomination is seen as a solid pick from a markets perspective. “Scott understands markets, economics, people, and geopolitics better than anyone I’ve ever interacted with,” according to Big Short manager Kyle Bass.
Eric Lonergan, the former Eisler Capital and M&G macro manager launching a hedge fund in London, welcomed Bessent’s plans to introduce tiered reserves at the Federal Reserve in a post on X.