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.

When Donald Trump announced Friday that hedge fund manager Scott Bessent was his pick for Treasury secretary, there was a massive sigh of relief from the markets, with the yield on the 10-year Treasury falling sharply (a sign that investors think Bessent will help keep inflation cool) and the stock market getting a little bump.

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

Not surprisingly, U.S. Sen. Tim Scott, R-S.C., a member of the Senate Finance Committee as well as the Senate Banking Committee, commended his fellow South Carolinian, in a news release, saying Bessent will “usher in a tax code that enhances growth, investment and economic opportunity for all Americans.”

President-elect Donald Trump will nominate Wall Street veteran Scott Bessent to be the secretary of the U.S. Department of the Treasury, Trump announced Friday night. If confirmed by the Senate to be the department’s 79th secretary,

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,

Donald Trump has nominated hedge fund manager Scott Bessent to lead the U.S. Treasury, ending speculation over who would hold the key economic position. In a statement posted to Truth Social on Friday, Trump championed Bessent as “one of the World's foremost International Investors.”

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.

When Trump announced he’d chosen Bessent to lead the Treasury department, there was no mention of Soros, or his ties to the financier—only that “Bessent has been involved in some of the largest and most profitable trades in Hedge Fund History, including shorting the British pound and the Japanese yen,” the president-elect wrote.

President-elect Donald Trump on Friday announced he had asked Scott Bessent, a hedge fund executive and top fundraiser to his campaign, to serve as secretary of the Treasury Department.