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.

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 Scott Bessent to be his Treasury secretary, offering the hedge fund manager and major campaign fundraiser the preeminent economic post in his administration.

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,

The founder of Key Square Group was deemed a strong favorite to lead the Treasury Department, along with several other contenders.

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.