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.

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.”