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 has chosen wealthy hedge fund manager Scott Bessent to be his Treasury secretary. The 62-year-old Bessent has become a key economic adviser to Trump, who regularly touted his support on the campaign trail.

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.