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.

President-elect Donald Trump will nominate Scott Bessent to be his Treasury secretary, offering the hedge fund manager and major campaign fundraiser the preeminent economic post in his administration.