Key Square Group, the hedge fund started by Scott Bessent in 2015, has seen its assets under management drop sharply over the past six years on the back of a series of major losses

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 on Friday named billionaire Scott Bessent as his Treasury secretary, choosing the hedge fund manager to help execute an agenda promising tax cuts and tariffs.The nomination of Bessent -- who recently served as an advisor to Trump -- would put him at the forefront of rolling out the president-elect's economic plan,

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,