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

The founder of hedge fund Key Square Capital Management has been announced as Donald Trump’s pick for Treasury Secretary. Find out more about his financial standing here.

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.