President-elect Donald Trump’s pick for Treasury Secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged.

A former executive at Democratic megadonor George Soros’ hedge fund, Bessent is some Trump advisors’ favored choice for arguably the top U.S. economic post after John Paulson dropped out of contention.

US President-elect Donald Trump is expected to pick billionaire Scott Bessent as his Treasury secretary, media outlets reported Friday, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.

In addition, Trump rounded out his health team, naming his choices for surgeon general and leaders for the Centers for Disease Control and Prevention and the the Food and Drug Administration.

The Treasury Secretary is a high-level Cabinet position charged with advising the president on matters related to financial, economic and tax policy.

In 1992, Bessent helped Soros pull off the firm’s greatest trade: shorting the British pound. The British government was part of the European Union at the time, and its central bank—the Bank of England—had committed to keeping the value of the pound within a strict range alongside other European currencies,