The José Luis Daza-Tania Reif marriage, the relationship with Scott Bessent, the IMF and the secret connection that activated the aid

Daza, a Chilean economist with a low profile but an extensive resume, is no newcomer to the venture capital scene. Before joining Luis Caputo’s team in December 2024—precisely to activate high-reach contacts in Washington—Daza had built a career at the epicenter of the global hedge fund. In 2007, for example, in the midst of the pre-subprime crisis, founded QFR Capital Management in New Yorka quantitative fund focused on emerging markets and macro strategies that relied on volatility as an ally. Under his leadership as CEO and chief investment officer, QFR managed billions in assets, attracting institutional investors with a focus on market crises and purchasing opportunities at bargain prices.

Bessent’s relationship with Daza, the key for Luis Caputo

Bessent and Daza met in 2006 in New Yorkin the midst of a stock market boom and euphoria on Wall Street, just before the outbreak of the subprime crisis in 2007. At that time, Daza, who had previous experience at JP Morgan and Deutsche Bank, had already established himself as an emerging figure in the Big Apple’s financial sector. For his part, Bessent, a Yale graduate with a stellar resume at Soros Fund Management (where he had shone in the 1990s), had just left that firm. to advise at Protégé Partnersa fund of funds house. This initial meeting occurred in an environment of optimism and volatility, where Both shared a common interest in identifying opportunities in global markets and impending crises..

Their professional relationship quickly deepened through shared circles in the hedge fund ecosystem, with an emphasis on macro investments and the ability to generate returns in bearish scenarios —a skill that Bessent, influenced by George Soros, especially valued in Daza. As mentioned, Daza founded the hedge fund QFR Capital Management in New York in 2007, along with the Argentines David Sekiguchi and Demián Reidel (the latter, current owner of Nucleoeléctrica Argentina). QFR specialized in strategies that capitalized on market declines, an approach that resonated with Bessent’s style. For his part, Bessent, after his time at Soros (where he returned as Chief Investment Officer in 2011), managed multimillion-dollar portfolios with an eye on geopolitical events and economic shocks.

Shortly after the founding of QFR, in 2007, Bessent invested million-dollar sums in Daza’s fund through Protégé Partners, recognizing its potential. This alliance was strengthened in 2011, when Bessent, back at Soros Fund Management, funneled significant Soros resources into QFR, making him one of his biggest investors at key times.. In the mid-2010s, upon founding his own firm, Key Square Capital Management, Bessent tried to recruit Daza to join the teambut the Chilean declined to continue leading QFR until its closure in 2020. Although they did not work directly at the same firm, these financial and networking interactions created a bond of professional trust, with Bessent frequently consulting Daza on global perspectives

In turn, Daza’s link with the Argentine establishment is not improvised, but rather the echo of an alliance forged in the corridors of global banking: His career was early intertwined with that of Minister Luis Caputo.who recruited him anticipating management difficulties. They met in 1992 during the training program at JP Morgan, where Caputo was already emerging as head of emerging markets and Daza, a recent graduate, was absorbing the dynamics of transnational capital. Both then passed through Deutsche Bankconsolidating a relationship of trust that transcended banks to become the axis of sovereign strategies. It is understood then that, decades later, Caputo added him to the team not only for his “contact book”, but also for his expertise in emerging markets. Daza has publicly praised Caputo’s “financial wisdom,” describing his economic plan as “robust” amid the crisis.

Reif, Daza’s wife, the link with Bessent and the IMF

But the family tree becomes more complex, as was said, with the figure of Tania ReifDaza’s wife since 2015 and a renowned financier in Wall Street circles, whose career not only amplifies her husband’s ties, but adds layers of influence in multilateral institutions. Reif, of Venezuelan-Argentine origin and a doctor in economics, began her career at the dawn of the 2000s at Citibank, where she specialized in sovereign risk analysis in Latin America.

His jump to IMF In 2005, she was established as an expert in fiscal adjustment and exchange rate stabilization policies, earning the nickname “IMF girl” in the region for her role in technical missions that advised governments in crisis, such as those of Ecuador and Bolivia during the past decade. At the IMF, Reif was not just another bureaucrat: her reports on vulnerabilities in emerging markets influenced reviews of conditional loansemphasizing structural reforms that today resonate in the tasks that Milei undertakes before the Fund. This formative stage, which lasted until 2010, gave her intimate knowledge of the IMF’s mechanisms—from capital quotas to Article IV review mechanisms—positioning it as a bridge between Washington and South American capitals in times of turbulence.

tania reif

Tania Reif, Daza’s wife.

Soros, the missing link that now connects everything

From there, Reif migrated to the private sector, joining Soros Fund Management in 2011, where his expertise in emerging markets merged with high-voltage macro bets. As a senior analyst of Latin American markets, he helped manage investment portfolios exceeding US$25 billion, focusing on foreign currencies and sovereign debt. It was in this environment where His career was directly intertwined with Scott Bessentthen chief investment officer of the firm. Together, they navigated geopolitical complexities, such as post-election volatility in Brazil or inflationary pressures in Mexico, sharing views on how external shocks—from commodities to monetary policies—could generate asymmetric opportunities.

There are numerous anecdotes that reflect that Reif not only provided data; His understanding of the IMF allowed him to anticipate institutional movementssuch as extensions of credit facilities, which Bessent integrated into hedging strategies. In fact, The relationship between Reif and Bessent transcended the operational: it was a collaboration marked by mutual trust in a world where asymmetric information is the undisputed queen..

Industry sources recall brainstorming sessions in the Manhattan offices, where Reif challenged Bessent’s theses with dynamics learned from the IMF —for example, warning about rigidities in adjustment programs that could lead to selective defaults. This synergy materialized in notable returns, such as during the Greek debt restructuring in 2012, where their joint analyzes helped position the fund against shock waves in emerging markets.

It is clear that today, with Bessent in charge of the Treasury, this link resurfaces: Reif, informally consulted by her husband, has probably been key in modeling scenarios for the Argentine swapincorporating lessons from the IMF on different conditionalities that could have complicated the strategy. Reif currently directs Reif Consultinga boutique firm in New York dedicated to advising on crypto assets and hybrid finance for institutional investors in Latin America.

There is a Bessent in my path: the legend

It was in that breeding ground, several years ago, where Daza crossed paths with Bessentwhich had established itself as an oracle of international finance thanks to legendary bets that redefined the art of macro speculation. In 1992, As a key member of the Soros Fund Management team in the London office, Bessent participated in the iconic offensive against the British pound sterling during “Black Wednesday”accumulating a $10 billion short position that forced the United Kingdom to exit the European Exchange Rate Mechanism and generated more than $1 billion in profits for the fund. Two decades later, as chief investment officer of the same firm, Bessent orchestrated another thunderous victory in 2013: a massive bet against the Japanese yen, which yielded $1.2 billion in just three monthscapitalizing on Abenomics’s expansionary monetary policy and cementing its reputation as a master at reading the winds of global currencies.

This connection, which could have remained an anecdote among financial brokers, gained strategic relevance in the whirlwind of the Milei era. When the libertarian government took office in December 2023, faced with decimated reserves and a suffocating exchange rate, Caputo recruited Daza not only for his expertise, but also for his “contact book” in the Washington establishment..

In a context where the IMF was unable to gain a foothold in negotiations, the Daza-Bessent nexus emerged as a shortcut. Bessent, nominated by Trump in November 2024 and confirmed in January 2025, not only remembered the vice minister as a “partner in the QFR fund,” but saw him as a bridge to Argentine reality.

Bessent’s visit to Buenos Aires in April of this year, unusual for an official of his rank, was the first wink: meetings at the Casa Rosada with Caputo, Daza and the economic team, where, it turns out, ideas for currency swaps and direct purchases of reserves were outlined—options that, until then, seemed chimerical. The high point came last week, when Caputo led a delegation that included Daza, Santiago Bausili (president of the BCRA) and Pablo Quirno (Finance Secretary) in Washington.

There, in the Treasury offices, the terms of the agreement were closed: a renewable swap for US$20,000 million, complemented with possible purchases of Argentine debt – and Argentine pesos – via the Exchange Stabilization Fundall justified by Bessent as a “mutual commitment” to reduce Chinese influence in the region and strengthen a global dollar. Daza, Caputo’s number two, not only participated in the technical tables, but – according to sources – facilitated informal dialogues that unblocked sensitive points, such as fiscal guarantees and the timing of disbursements. Although many details of that agreement will only be known tomorrow.