Scott Bessent, the hedge fund leader nominated by President-elect Donald Trump to head the U.S. Treasury Department, has disclosed personal assets worth at least $521 million. The financial details, made public by the U.S. Office of Government Ethics on Saturday, show a range of assets, though the true total value could be higher. The filing includes real estate holdings, significant investments in exchange-traded funds (ETFs), and other assets.
Key Assets in Bessent’s Financial Portfolio
Bessent’s asset list includes several high-value properties. Among them are a home in the Bahamas, valued between $5 million and $25 million, which generates rental income between $50,001 and $100,000 annually. Additionally, he owns a property in Cashiers, North Carolina, also valued between $5 million and $25 million. Bessent also owns art and antiques valued between $1 million and $5 million.
Investments Reflect a Passive Strategy
Although Bessent made his fortune on Wall Street with major gains from currency trades and macroeconomic bets, he has diversified his portfolio with passive investment strategies. His holdings include more than $50 million each in several prominent ETFs: the SPDR S&P 500 ETF, the Invesco S&P 500 Equal Weight ETF, and the Invesco QQQ, which tracks the Nasdaq 100 index.
Additionally, Bessent holds over $50 million in U.S. Treasury bills. He also has substantial positions in foreign currencies, including the U.S. dollar against the euro, China’s yuan, and Japan’s yen. In the realm of cryptocurrencies, Bessent has invested between $250,001 and $500,000 in the iShares Bitcoin Trust ETF.
Plans to Avoid Conflicts of Interest
In order to comply with ethical standards and avoid potential conflicts of interest, Bessent has pledged to resign from his role at Key Square Capital Management and sell his stake in the firm if confirmed by the Senate as Treasury Secretary.
Income from Key Square and Other Sources
Bessent’s primary source of income comes from his leadership of Key Square Capital Management. His guaranteed payment from the firm is $1 million, with additional earnings of $2.8 million from management fees, incentive allocations, and dividends.
Bessent’s financial disclosure paints a picture of a well-diversified portfolio, with a mix of high-value real estate, passive investments, and significant stakes in global financial markets. As his confirmation process moves forward, scrutiny of his assets and potential conflicts of interest will likely intensify.
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