Soros Names Burdick Investment Chief as Bessent Starts Firmby
Burdick has been affiliated with Soros for about 15 years
Former CIO Bessent started trading today at his own firm
The $30 billion family office for George Soros named Ted Burdick to be its chief investment officer, picking an internal manager to succeed Scott Bessent, who started his own macro fund this month.
Burdick, 45, has been associated with Soros for more than 15 years, according to a memo sent to the firm’s staff by Robert Soros, George’s son. Burdick currently sits on the investment committee and will now serve as its chairman.
The promotion of Burdick, who has been head of the distressed debt and arbitrage groups for the past six years, marks the third time since 2000 that Soros Fund Management has chosen an internal candidate to be chief investment officer. Bessent, who started trading in his Key Square Group today with $2 billion from Soros, spent much of his career working for the firm. Robert Soros led investments from 2005 to 2007.
Soros, which currently has about 100 investment professionals, is appointing its sixth chief investment officer since the billionaire philanthropist decided to scale back risk following the departures of star traders Stanley Druckenmiller and Nicholas Roditi in April 2000. The executives who came from outside the firm were former Maverick Capital principal Robert Bishop, ex-Goldman Sachs Group Inc. partner Jacob Goldfield and BlackRock Inc. co-founder Keith Anderson.
A 1992 graduate of Princeton University with a degree in economics, Burdick started his career at Bankers Trust, where he worked in high-yield corporate finance and proprietary trading. He started at Soros in April 2000 and left in 2005 to join Camulos Capital, a firm that managed money for Soros and others. He re-joined the family office in January 2010.
Courtney Carson will take sole control of the U.S. distressed credit book and Agata Dornan will become portfolio manager of the European distressed credit portfolio, according to the memo.