Now That All Outside Investor Money Has Been Returned, George Is Serious About Fund Performance

New CIO Scott Bessent's ability to turbo-charge returns could mean the difference between the boss being able to gift multiple ladies with apartments and being sued by on-again/off-again girlfriends he promised a dream house on East 85th.

Scott Bessent, who managed George Soros’s European investments for eight years, is returning to Soros Fund Management LLC 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. Bessent, 49, succeeds Keith Anderson, 51, who left in July after his performance over the previous 18 months lagged behind peers. At the time of Anderson’s departure, the New York-based firm told clients it would return all outside capital, less than $1 billion, by the end of this year...While Soros’s flagship Quantum Endowment Fund returned about 20 percent a year, on average, since 1969, its performance suffered in the 18 months or so through June, a person familiar with the firm said in July. In the first half of this year, Quantum lost about 6 percent, the person said, following a gain of 2.5 percent in 2010.

Soros' Ex-Trader Bessent Returning As CIO [Bloomberg]
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