Soros Fund Management, which legendary investor George Soros recently decided to convert to a family office, has named Scott Bessent as chief investment officer, while Jonathan Soros, son of George, is stepping down from day-to-day management at the firm, reports said.

Bessent takes over from Keith Anderson, who resigned in connection with the decision to turn the firm into a family office. Anderson, who joined the firm in 2008, left to seek other opportunities. Bessent assumes responsibility for managing the investment program of Quantum Endowment Fund NV and its subsidiaries.

Bessent has worked previously for Soros, from 1991 to 2000, including in the roles of head of London operations, head of global research and co-head of external manager selection. He later worked at Protege Partners, which provides seed funding to new hedge funds, leaving that firm in 2010.

In other changes, Jonathan Soros is leaving following nine years at the firm as co-chairman, a position he held alongside his brother Robert.

“Jonathan has spent nine years at SFM advancing the interests of our family and of the foundation that will eventually receive my estate. Jonathan took the reins at the firm, together with Robert Soros, at a turbulent time and has been the principal architect of our transition to a healthy and stable investment operation,” George Soros wrote in a letter to employees.